Video: Harsha explains on EPF move

09 Nov 2015 - {{hitsCtrl.values.hits}}

Dismissing various statements that the proposal to remove the administration of EPF fund from the purview of the Central Bank would create a safety issue, the Deputy Minister of Foreign Affairs Dr. Harsha De Silva today said the proposed move would only ensure more security to the fund.

The Minister told a media briefing that the new move would end the ongoing conflicts of interests.

"Whenever the government borrows funds from the EPF it is done through the Debt Department of Central Bank and the monies are borrowed from a fund which is under the Central Bank itself and these results in a Conflict of Interest," he said.

Deputy Minister Ajith P Perera who elaborated on the administration of the new retirement gratuity fund that would be set up by merging the EPF and ETF said it would be administered by a Board of Directors appointed by the Constitutional Council.

He also said representatives of the employees would also be included on the board of directors.(Yohan Perera and Darshana Sanjeewa)

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Video: Harsha explains on EPF move

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