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(Feb 14, 2011) Sri Lanka's Minister of Labor, Gamini Lokuge, submitted a draft of the Employees' Provident Fund (Amendment) Act to the legislature. The amendment would make changes to allow Fund participants to withdraw 30% of the assets they have in the Fund if needed for either medical treatment or to build a house. The amendment would permit anyone who has been an employed Fund member for more than ten years to withdraw nearly a third of the value, provided the balance is over Rs.300,000 (about US$2,700). One additional withdrawal of another 30% could be made ten years later, as long as the money was to be used for one of the same two purposes. (Amendment to Sri Lanka's Retirement Fund for the Benefit of the Employees, COLOMBOPAGE (Feb. 11, 2011), http://www.colombopage.com/archive_11/Feb11_1297437014KA.php.)

The Fund, which was established by Act No. 15 of 1958, is described on its website as "the largest Social Security Scheme in Sri Lanka with an asset base of Rs.769.3 billion as at December 2009, equivalent to 16% of the GDP." (Welcome to EPF!, Employees' Provident Fund website, http://www.epf.lk/ (last visited Feb. 14, 2011).) The Fund is a joint project of employers and employees to provide for retirement payments to those in the private sector. According to its website, the goal is to "prudently manage the Fund to ensure a better return to the members at retirement." (Id.)

Author: Constance Johnson More by this author
Topic: Employee benefits More on this topic
Jurisdiction: Sri Lanka More about this jurisdiction

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Last updated: 02/14/2011