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“The demoralising, destructive character of the patriotic degeneracy….” Sebastian Haffner (Germany: Jekyll and Hyde) By Tisaranee Gunasekara It was the Oxford Debacle all over again. The events were drearily predicable. Sri Lanka, like every Commonwealth nation, received an invitation for the Diamond Jubilee celebrations of Queen Elizabeth II. President Rajapaksa, unlike most Commonwealth leaders,...
Sri Lanka’s Employees’ Provident Fund which is the largest private pension fund in the country once again reiterated that it has diligently followed all internal guidelines in relation to the assessment, analysis and investment in the Stock market. It also says the investments it had made in the stock market had the approval of the Investment ...
Jun 03, Colombo: Sri Lanka's main opposition United National Party (UNP) has appointed a committee to study and make proposals on the private sector retirement fund, Employees' Provident Fund (EPF), monies that have been lost due to bad investments in the Colombo Stock Exchange (CSE).
The Central Bank has said that the Employees Provident Fund is safe and it is not exposed to any danger. Superintendent of EPF of the Central Bank Kalyani Gunatllake stressed that the propaganda, being spread by certain opposition groups is baseless. Certain political groups in the opposition spread propaganda that the EPF as well as ...
May 29, Colombo: A private sector trade union in Sri Lanka is to lodge a complaint today with the Commission to Investigate Allegations of Bribery and Corruption calling for an inquiry into the investing of Employees Provident Fund (EPF) monies in the Colombo Stock Exchange (CSE).
By Ashwin Hemmathagama The scandalous share transaction between the National Savings Bank (NSB) and The Finance Company PLC (TFC) took a new turn last week, with United National Party Member of Parliament Dr. Harsha de Silva highlighting other questionable stock market activities involving the Employees’ Provident Fund (EPF). Ceylon Grain Elevators PLC, Laugfs Gas PLC ...
May 21, Colombo: The Employees' Provident Fund Department of Sri Lanka's Central Bank today rejected the allegations of fraud involving the retirement fund ,Employees' Provident Fund (EPF) made by an opposition legislator in the parliament recently.
Sri Lanka’s largest retirement fund, the EPF today blamed an opposition MP for trying to tarnish its reputation and also trying to destabilize the economy through such a strategy. However the EPF did not name the Opposition MP. Issuing a statement, the EPF rejects the accusation made by the opposition MP, who has accused the fund saying ...
A great deal may be done by severity, more by love, but most by clear discernment and impartial justice. -Johann Wolfgang von Goethe-Justice as quoted by Eckerman This column dedicated to the notion of making Sri Lanka the Wonder of Asia turns its spotlight on that great trait of judicial activism as sometimes exhibited by ...
The bourse breathed a sigh of relief at Friday’s trading on the knowledge that sanctions, at least in the immediate future will not be imposed on the island despite Thursday’s Human Rights (HR) resolution against Sri Lanka at Geneva which resulted in it returning a higher Rs. 926.9 million turnover on Friday compared to low ...
Avurudhu Rupee Commitments Bear on Exporters The exchange rate (ER) held at the Rs. 130 levels to the US dollar ($) at Wednesday’s, Thursday’s and Friday’s trading as exporters began encashing their $ proceeds to meet their local commitments, a market source told this reporter. “In the event they persisted in holding on to their ...
The Employees Provident Fund gets a profit of 800 million rupees. The Employees Provident Fund which possessed 71 million shares of conglomerate John Keells Holdings had been sold at 194 rupees per share, bringing a capital gain to the Fund. These shares have been purchased by Malaysia’s Khazana Nasional Berhard, a sovereign wealth Fund. ...
Jan 26, Colombo: A legislator of Sri Lanka's main opposition United National Party (UNP) has accused the government of using the monies from the Employees Provident Fund (EPF), country's major retirement fund for the employees in the corporate and private sector, to carry out development work in its agenda.
Jan 18, Colombo: The Sri Lankan parliament today passed an amendment bill that would affect the Employees Provident Fund (EPF), country's major retirement fund for the employees in the corporate and private sector.
Srilankamirror - The Sri Lanka Transport Services Union says the Sri Lanka Transport Board (SLTB) has failed to make payments amounting to Rs. 14,000 million due as EPF payments of its employees. The payments have not been made for the period between June 2010 till May 2011, Secretary of the union, K.A.E. Britto has said. He has said that even the workers who were retiring have been unable...
‘A ruler with a depleted treasury eats into the very vitality of the citizens and the country. A ruler, who impoverishes his own people or angers them by unjust exactions will also lose their loyalty Impoverishment, greed and dissatisfaction are engendered among the subjects, when the ruler among other things (i) fails to give what ought ...
Jan 15, Colombo: Sri Lanka's main opposition United National Party (UNP) and Marxist party Janatha Vimukthi Peramuna (JVP) have expressed concerns over the proposed amendments to the Employees' Provident Fund (EPF) Act.
Srilankamirror - UNP MP Dr. Harsha de Silva says the Employees’ Provident Fund (EPF) would be summoned before the Public Accounts Committee (PAC) in parliament to explain its accounts. He told Sri Lanka Mirror that the EPF has failed to submit the audited reports for 2010 and the last audited reports submitted by the EPF are for 2009.
Last week there were more stories making the rounds on contemplated decisions made outside the cabinet meeting than decisions made inside. Of course, the usual briefing on cabinet decisions were spelled out, Thursday afternoon. For a regime that still wants to boast it has popular support, comparing itself to an opposition fractured and quarrelling red and green, it is ...
Jan 09, Colombo: Sri Lankas main opposition United National Party (UNP) has called on the government to submit the audit reports of the Employees' Provident Fund (EPF) to parliament.
Jan 06, Colombo: The main opposition of Sri Lanka United National Party (UNP) has called on the government to postpone the presentation of amendments to the Employees' Provident Fund (EPF) Act.
Jan 06, Colombo: Labor Minister of Sri Lanka Gamini Lokuge says the proposed amendment to the Employees Provident Fund (EPF) Acts to empower the Labor Commissioner to set up a private sector pension scheme for workers not covered by the EPF, has been removed.
Jan 04, Colombo: Private sector trade unions in Sri Lanka say the government is trying once again to swindle monies in the retirement fund of the private employees, the Employees' Provident Fund (EPF).
Fitch Ratings has affirmed Sri Lanka’s Housing Development Finance Corporation Bank’s National Long-Term rating at ‘BBB+(lka)’. The “Outlook” Fitch says is Stable. At the same time, the agency has affirmed the bank’s outstanding senior unsecured redeemable debentures at ‘BBB+(lka)’. The ratings reflect HDFC’s demonstrated ability to contain interest rate risk b...
Dec 18, Colombo: Trade unions affiliated to the private sector in Sri Lanka say that the proposed amendments to the Employees' Provident Fund (EPF) Act have not been presented to the National Labor Advisory Council (NLAC) for discussion and approval by all stakeholders.
Market’s illiquid state compounded by seasonal demand for money, coupled with the lack of confidence in the establishment that is also driving demand for US dollars ($s) and rates as well, forced Central Bank of Sri Lanka (CBSL) to hold a reverse repo auction on Friday (December 16) to tide over the situation Overnight (O/n) ...
Dec 16, Colombo: Labor Minister of Sri Lanka Gamini Lokuge says the government would present amendments to the Employees' Provident Fund (EPF) Act to parliament next year.
‘O cursed lust of gold\, to what canst thou not compel the heart of man!’ - Virgil Aenid (greed) This column dedicated to the notion of making Sri Lanka the Wonder of Asia turns its spotlight today on the dreadful suffering of Sri Lankans due to the fraudulent activities of persons masquerading as great philanthropists thereby building public ...
Srilankamirror - Deputy Finance Minister Geetanjana Gunawardena says that monies in the Employees Provident Fund (EPF) have been deposited in several private banks. He has told parliament that EPF monies have not been used to buy shares of any private banks. He has noted that monies of the Fund have been deposited in Commercial Bank, Sampath Bank, DFCC Bank and the NDB Bank. According t...
Dec 03, Colombo: Deputy Finance Minister of Sri Lanka Gethanjana Gunawardena says that monies in the Employees Provident Fund (EPF), the retirement fund of Sri Lankan workers, have been invested in several private banks.