The government has decided to amend the Employees’ Provident Fund (EPF) and Employees’ Trust Fund (ETF) Acts.
Treasury Secretary Dr. P.B. Jayasundera has said the EPF and ETF Acts would be amended to make provision for the proposed pension scheme for the private sector.
The Finance Ministry is currently re-drafting the legislation to formulate the proposed pension scheme and the amendment of the EPF and ETF Acts are to help its implementation.
Following the amendment of the two Acts, funds from the EPF and profits from the ETF could be transferred to the proposed pension fund.
Meanwhile, trade unions have objected to the amendment of the EPF and ETF Acts claiming the government was trying to pilfer monies from the two funds.