CB directed to submit detailed report on EPF investments

The Sectoral Oversight Committee on Foreign Employment and Labour has recently directed the Central Bank to submit a report detailing the institutions in which funds belonging to the Employees Provident Fund (EPF) have been invested.

In addition, the committee has decided to summon experts to propose a systematic approach for utilizing EPF funds.

Under the chairmanship of MP Hector Appuhamy, the Sectoral Oversight Committee convened in Parliament for this purpose. The chair instructed the Central Bank to include plethora of details in the report, such as the amount of money collected, the investments made, the profits and losses incurred, and the specific institutions where the funds have been invested over the past decade. The committee expects the report to be submitted within a two-week timeframe.

Highlighting that the EPF consists of public funds, the committee chair emphasized the need for a smoother and more efficient process that benefits the contributors. Consequently, the committee has decided to invite experts on the subject to propose a better mechanism and a way forward.

Furthermore, the committee expressed disappointment over delays in disbursing EPF payments to eligible recipients. The Department of Labour revealed that certain government institutions and Regional Plantation Companies have failed to fulfill their EPF obligations without facing consequences.

In response, the Sectoral Oversight Committee on Foreign Employment and Labour has instructed the committee to summon these non-compliant government institutions and Regional Plantation Companies to address the issue.