The main opposition in Sri Lanka has accused the government of making "secret deals" in the stock market forcing the market to collapse. The United National Party (UNP) said the employees' provident fund (EPF) lost nearly SLR 30 million ($270,000) as a result of such deals in the marker by the government.

UNP parliamentarian Dr. Harsha de Silva said that the Employees Provident Fund (EPF) that functions under the Central Bank has incurred a Rs. 270 million loss last week since the Fund had not followed the proper investment procedures.

Commonwealth Games’ Bid The ethics of Government of Sri Lanka’s (GoSL’s) decision to request public banks to make a contribution to strengthen GoSL’s bid to hold the Commonwealth Games in Hambantota in 2018 are being questioned by certain quarters. One banker told this reporter that as banks are custodians of depositors’ funds, it’s not right ...

Central Bank Governor Ajith Nivard Cabral has said that they had no intention of vesting the Employees Provident in another party. He was speaking at the relocation of the EPF Department at a new venue. The Employees Provident Fund Department has been relocated in the Lloyds Building at Sir Baron Jayatilleke Mawatha in Colombo One. ...

Employees Provident Fund has purchased 33 million ordinary voting shares of the Laugfs Gas PLC from Laugfs Holdings Limited. The transaction took place today and a share has been sold at Rs. 48. Consequent to this sale, Laugfs Holdings owned 260,000,000 million shares (260 Mln shares) of Laugfs Gas PLC. However, following the transaction, the share amount held ...

Sri Lanka’s Employees Provident Fund’s asset value is expected to reach the Rs. 1 trillion mark during this year, announced the Central Bank. The Bank says as of 31st of August this year the total assets of the EPF have grown up to Rs 976 billion. According to the Central Bank this is an annual growth of ...

As at 31 August 2011, the value of total assets of the Employees’ Provident Fund (EPF) reached Rs. 976 billion, recording an annual growth of 14.6%. With this growth, the EPF is expected to reach the total assets value of Rs.1 trillion by end of 2011.

Management inefficiency has led to the Employees Provident Fund (EPF) failing to collect as much as Rs.666 million in terms of contributions and surcharges from employers in 2009,

The UNP says payment of salaries to employees of a state institution has been delayed while benefit payments have been delayed since 2007. UNP parliamentarian Dayasiri Jayasekera has said while salaries of employees at Salu Sala have been delayed, their Employees’ Provident Fund (EPF) and Employees’ Trust Fund (ETF) payments have not been paid since ...

Trade unions affiliated to Samurdhi have warned of trade union action if Economic Development Minister Basil Rajapaksa fails to address the grievances of the Samurdhi employees. They have expressed concern over the job security of Samurdhi employees following the government’s decision to bring the Samurdhi Authority and a few other state institutions under the proposed ...

The UNP affiliated Jathika Sevaka Sangamaya (JSS) has accused the Transport Ministry of trying to use billions of rupees of the SLTB employees’ EPF and ETF funds to purchase new buses. The JSS says the Ministry is trying to spend Rs 1.9 billion from EPF and ETF funds to purchase 500 new buses. Head of ...

Aug 20, Colombo: The trade union affiliated to main opposition United National Party (UNP), the Jathika Sevaka Sangamaya (JSS) has accused the Transport Ministry of trying to use billions of rupees of the Sri Lanka Transport Board employees' EPF and ETF funds to purchase new buses.

Aug 11, Colombo: The Employee's Provident Fund (EPF) of Sri Lanka has come to an agreement with the Commercial Bank to speed up the fund's services.

June 08, Colombo: Sri Lanka Opposition and main opposition United National Party (UNP) Leader Ranil ..

June 08, Colombo: Sri Lanka Opposition Leader Ranil Wickremasinghe has said the government was trying to legalize pilfering monies from the EPF and ETF accounts.

UNP Leader Ranil Wickremasinghe today alleged that government is using the EPF and ETF funds to pay off government debt. He added that the government has shamelessly robbed the people of their hard earned money. .

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 ...

May 28, Colombo: Amidst concerns raised by trade unions in Sri Lanka, the government has decided to amend the Employees' Provident Fund (EPF) and Employees' Trust Fund (ETF) Acts.

Finance Secretary Dr. P.B. Jayasundera has emphasized that under the proposed pension scheme for the private sector, pensions will be granted in addition to the Employees Provident Fund and the Employees Trust Fund. Dr. Jayasundera said a Pensions Fund would exist, in addition to the Employees Provident Fund, the Employees Trust Fund and the Gratuity. ...

The Government is under strong criticism instead of praise due to the baseless and false campaign mooted by the opposition with regard to the proposed pension scheme. This was stated by Minister Basil Rajapaksa. The Minister pointed out that the private sector employees will not lose their Employees Provident Fund, Employees Trust Fund and even ...

The Government has emphasized that the proposed Pension Scheme will not deny any benefit so far enjoyed by the private sector. A release issued by the Information Department says that the Government is implementing the scheme for the future security of the retired employees. The monthly salary deductions for EPF will be continuously credited to ...

The UNP has said the government should contribute monies to the proposed private pension fund without utilizing the Employees Provident Fund (EPF) and Employees Trust Fund (ETF) funds. UNP National Organizer and parliamentarian Ravi Karunanayake told the media that instead of contributing monies to the proposed pension scheme, the government was trying to shift monies ...

May 23, Colombo: Sri Lanka's main opposition United National Party (UNP) has said the government should contribute monies to the proposed private pension fund without utilizing the Employees Provident Fund (EPF) and Employees Trust Fund (ETF) funds.

Trade unions have decided to lodge complaint with the International Labor Organization (ILO) about the government’s proposed pension scheme for the private sector. Private sector unions have objected to the proposed pension scheme stating it was not beneficial to the private sector workers and that the government was using the workers’ funds to set up ...

More To Exit following UN Report The stock market continued to lose its momentum as predicted in the lead story on these pages in its last week’s edition, compounded by foreigners fleeing the market, made worse by the UN’s negative war report on the island. “There is panic selling by foreigners in the backdrop of ...

President Mahinda Rajapaksa said that the government has decided to create three separate funds to accommodate the proposed controversial Private Pension Scheme instead of obtaining funds from ETF, EPF and Gratuity. Accordingly, three separate funds, The Employees’ Pensions Benefit Fund, The Expatriate Employees Pensions Fund and The Self Employees Pensions Fund will be raised to cover the ...

President Mahinda Rajapaksa said that the government has decided to create three separate funds to accommodate the proposed controversial Private Pension Scheme instead of obtaining funds from ETF, EPF and...

Several trade unions are to hold a conference on Tuesday (26) to create awareness among the people about the ill effects of the government’s proposed private sector pension scheme. Ceylon Teachers’ Union (CTU) head, Joseph Stalin told Colombo Page that the union together with several others have organized a conference on Tuesday morning at the ...

Banks’ Profits Up 111% The banking industry achieved a considerably high level of profits in 2010. Profit after tax amounted to Rs. 57.5 billion last year, a 111% growth in comparison to a Rs. 27.2 billion profit in 2009. The significant growth in profitability was mainly attributed to a higher increase in fee-based income, a ...

By Dr.Vickramabahu Karunaratne We are happy to see that this May Day has become a day to challenge the Oppression of Mahinda state. Many strong trade unions have come together to challenge the chauvinist pro global capitalist government. Government is...