Trade unions, political factions express concern over plans for EPF – ETF
Several trade unions and political factions have turned their attention towards plans to merge the Employees Provident Fund and the Employees Trust Fund.
The topic was discussed at several media briefings convened on Monday.
UPFA Parliamentarian, Bandula Gunawardena stated that the time has come to garner support against the relentless effort to swindle Rs.1.7 billion which was earned by the people through the stock market.
He went on to note:
They are trying to create an establishment to collect and merge the two funds since the board is not skilled enough to manage the money, which is worth millions.
He spoke of a separate group of people named ‘fund managers’ that possess the knowledge to manage such funds around the world.
Explaining further, he stated that a management fee of two percent will be allocated from the funds which will amount to Rs.30 billion.
General Secretary of the Communist Party, D.E.W. Gunasekera stated:
There are three types of crises namely the financial crisis, the currency crisis and the debt crisis.
He went on to note that the ulterior motive of this is to direct the money to the stock market. Shares will be bought in the stock market or a bank. He stated:
Thereafter, they will state that the EPF beneficiaries will profit from this and that dividends will be received. This could or could not happen.
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