Govt. planning to place EPF, ETF under independent body

By Saman Indrajith

President Ranil Wickremesinghe told Parliament yesterday that the government was planning to place the Employees’ Provident Fund (EPF) and the Employees’ Trust Fund (ETF) under a new independent body.

The President said part of the EPF and ETF monies should be invested abroad.

Responding to a question raised by SJB MP Eran Wickramaratne, the President said: “We are willing to discuss the matter with the Opposition and accommodate their proposals in this regard. We have to discuss whether the EPF and ETF funds should be invested abroad. We think it should be allowed. However, we are willing to discuss the matter with the Opposition.

“The EPF is currently administered by the Central Bank while the ETF is handled by the Labour Department,” the President said.

Responding to a question by SJB MP Eran Wickramaratne on setting up an independent public body, the President said it would be possible. “We can discuss this matter and implement it if the Opposition agrees to it,” the President said.

President said: “We want both EPF and ETF brought together, but the question is whether other independent funds also should come into it. I think we can discuss that and go ahead to bring it earlier. I also want to do that because that would be the most powerful fund in Sri Lanka. The other is whether we should allow investing these monies abroad. Should we allow the investment of part of that money abroad? I think we should. As the situation improves, these savings of the country and we could allow them to be invested abroad.”