Controversy rages over new proposal for EPF and ETF

The government’s proposal to amalgamate the EPF and the ETF to create a new national pension fund, continue to cause controversy and debate among political groups, trade union and civil society circles.

The various stakeholders expressed differing viewpoints on the matter on Wednesday.The government expects that the pooled resources of the EPF and the ETF will establish a new Rs. 1.7 trillion national pension fund.

Trade unions are warning of the risks involved in this policy decision.

Co-Convener of the Collective of Citizens Organisations, Saman Ratnapriya stated that it looks like a good decision but this entails a huge number of problems.

He further stated:

Now this fund amounts to 1.7 trillion rupees. So we are letting the government know that the trade unions do not agree with taking money from the Central Bank. Because in doing so the money becomes unsafe. We can’t let this happen and if any social security scheme is being proposed, it should be implemented with the consensus of the unions.

Minister of Fisheries,Mahinda Amaraweera stated:

I told the prime minister that we need explanations about the ETF and EPF. They reserved a time for us on mMonday morning and all the trade unions were present on that day and the Prime Minister assured that none of the decisions with regard to this issue will be taken without considering the opinions of these trade unions. So we expect to come to a conclusion after a productive discussion.

Minister of Special Assignments, Dr. Sarath Amunugama stated:

No one needs to worry about this because it comes with a state guarantee and no matter how much you write about it, the government will never become bankrupt.

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