Government names EPF-ETF study committee

Colombo, June 16 (Daily Mirror) - The government  has approved the appointment of a Senior Officials Committee to examine the feasibility of bringing the operations of the Employees' Provident Fund (EPF) and the Employees' Trust Fund (ETF) under a single integrated governance framework managed by a tripartite board representing the Government, employers and employees.

The EPF, established under the Employees' Provident Fund Act No. 15 of 1958, currently serves more than 2.5 million members and manages assets exceeding Rs. 4.9 trillion. While the Central Bank of Sri Lanka is responsible for the fund’s custodianship, investment management, financial administration and payment of benefits, the Department of Labour oversees employer and employee registration, compliance enforcement, recovery of arrears and protection of employees’ rights under the Act.

The ETF, established under the Employees' Trust Fund Act No. 46 of 1980, operates under a tripartite board comprising representatives of employers and employees. The fund has an active membership of over 3 million and an asset base exceeding Rs. 637.5 billion.

According to the government, the tripartite governance model is an internationally recognised best practice in social security administration and is a key principle promoted by the International Labour Organization (ILO).

The proposal, presented by the Minister of Labour, seeks to assess the possibility of integrating the governance of both funds while ensuring stronger legal and financial safeguards for members' assets.

The Senior Officials Committee will study the proposal and submit recommendations on establishing a unified governance structure in line with international standards and best practices.