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Ministry clarifies regarding EPF pension scheme
Colombo, January 8 (Daily Mirror) - The Ministry of Labour has issued a clarification regarding recent media reports misinterpreting remarks made by Deputy Minister of Labour, Mahinda Jayasinghe, about the Employees’ Provident Fund (EPF).
During a parliamentary session on Tuesday (06), MP Oshani Umanga Hapuarachchi raised questions on the roles and functions of the Employees’ Provident Fund (EPF) and the Employees’ Trust Fund (ETF).
Responding, Deputy Minister Jayasinghe explained that the two funds have distinct objectives, with the EPF primarily serving as a social security mechanism.
He noted that, because some EPF members withdraw benefits at various stages, the fund’s comprehensive social security objective is not always fully realised. He added that the government has been considering the possibility of introducing a mechanism similar to the state pension scheme for employees upon retirement.
However, the Deputy Minister emphasised that several media reports suggesting a pension scheme has been approved are inaccurate. No final decision has been made, and any such measure would only be considered after discussions with the National Labour Advisory Council, which includes representatives from the government, trade unions, and the Employers’ Federation of Ceylon.
He further reassured that EPF members will continue to receive their benefits upon retirement as usual, with no changes to the existing payment process.
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