Apr 222013

Leading News from Sri Lanka::

* Retirement fund of Sri Lanka private sector to be re-structuredTue, Apr 23, 2013, 12:05 am SL Time, ColomboPage News Desk, Sri Lanka.

Apr 22, Colombo: Administrators of the Employees’ Provident Fund (EPF), the retirement fund servicing the employees in Sri Lanka’s corporate and private sector, have decided to streamline the activities of the fund under its re-structuring process to provide more efficient service to all its stakeholders.

It has been revealed that over 13,000 employers do not make contributions to the EPF on behalf of their workers and the authorities have initiated a special programme to collect the contributions due from them.

EPF Commissioner D.P.K.R. Weerakoon said that awareness letters have already been directed to the deadbeat employers to secure Rs. 4 billion of dues from them.

The EPF administrators continually seek information from the Labor Department main office and its affiliated district offices on the employers who are not making contributions on behalf of their workers, the Commissioner said.

He added that legal action to recover more than Rs. 1.3 billion has been taken from about 2,000 employers who have disregarded the final warning.

Under the re-structuring process the EPF will implement a new IT system which will enable the members to interact directly with the EPF through a new website giving them the opportunity to inquire about their account balance and to resolve their problems more effectively.

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