The government is moving forward with plans to revise the Employees’ Provident Fund Act No. 15 of 1958, aiming to improve the services available to its members and to tackle issues brought about by modern social, economic, and technological developments.
The Cabinet of Ministers has given its approval to a proposal from the Minister of Labour, which calls for the Legal Draftsman to create a bill that will amend the current legislation. This proposal is based on an initial draft developed by the Department of Labour.
The Employees’ Provident Fund was created to offer social security for employees working in the private and semi-government sectors who lack access to pension schemes.
While the day-to-day operations of the Fund are managed by the Commissioner General of Labour, the Monetary Board of the Central Bank of Sri Lanka acts as its custodian.
The intended changes are designed to enhance the efficiency and quality of services available to EPF members, while also alleviating the challenges they face, in response to changing needs.
The preliminary draft takes into account suggestions made by the Central Bank of Sri Lanka, and additional legislative changes will be developed by the Legal Draftsman, as stated by the Department of Government Information.
Financial Chronicle Biz English | Sri Lanka Business News.
