Government to introduce pension for EPF holders instead of paying EPF in one pay

By Ajith Siriwardana and Yohan Perera

Colombo, January 6 (Daily Mirror) - The government has focused attention to formulate a mechanism to introduce a system where private sector employees who are entitled to the Employees' Provident Fund (EPF) to receive the fund as a pension rather than receiving the EPF in one payment, Deputy Minister of Labour Mahinda Jayasinghe said today.

He told Parliament that the EPF has been introduced for the social security of the employees after retirement.

Jayasinghe said the social security of private sector employees is at risk when they receive the EPF in a single installment.

He said the government has paid attention to introduce a system like the pension scheme so that the private sector employees also receive a pension throughout their retirement.