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JVP: Govt. Trying To Utilize ETF Monies

May 12, 2011 10:55:49 AM - thesundayleader.lk

The JVP has said the government was trying to utilize monies in the Employees Trust Fund (ETF) under the guise of implementing a pension scheme for the private sector workers.

JVP Propaganda Secretary and parliamentarian Vijitha Herath has said that proposed bill that sought contributions from employees and employers was an inhumane pieces of legislation to be introduced in recent time.

According to Herath, the government’s proposed Rs. 1 billion to the Fund as initial capital would not be a contribution by the government but a loan.

He has observed that the loan would have to be repaid with accrued interest by the employer-employee contributions to the fund.

Meanwhile, 10% of the revenue from the ETF investments is to also be transferred to the proposed scheme. “The present law has placed certain restrictions on the investment of ETF money in various projects. The government has sought to remove these restrictions when enacting the new bill,” Herath has added.

Herath called on the working masses to unite and agitate against the proposed pension bill regardless of party affiliations.