Rs. 65 b EPF contributions push fund to Rs. 1.9 trillion

• Labour Minister says over 2,000 court cases filed against errant employers

The Employees Provident Fund (EPF) has received Rs. 65,339 million in contributions during the first six months of 2017, increasing the total value of South Asia’s largest social security fund with 2.6 million members to Rs. 1,949 billion.

Opening the 16th allotted day of the Appropriation Bill 2018 – Committee Stage Debate on Ministry of Labour, Trade Union Relations and Sabaragamu Development, Minister W.D.J. Senewiratne stated that stringent law enforcement and effective collection methods led the EPF to grow.

Rs. 65 b…

“During the first six months of this year the fund was able to recover Rs. 1,177 million from employers who have failed to contribute accordingly. We were able to file 2,210 court cases,” the Minister said.

Senewiratne stated that there was an improvement in the numbers of employees obtaining advances from the EPF Fund at zero interest rates, following the program started in 2015 providing a 30% advance to employees from their EPF balances.

“I should say the facility to obtain 30% of the EPF balance is an impressive program. There is no interest and it can also be obtained from the offices located in the other parts of the country rather than coming to Colombo. The loan could be obtained within three weeks of filing the application along with the necessary documentations, which should be in order. During January-October 2017, the EPF 30% advance had been obtained by 27,712 members,” the Minister explained.