The Cabinet of Ministers has approved the proposal of the Minister of Skills Development, Employment and Labour Relations, to set a up a mechanism in order to update Employees’ Provident Fund (EPF) members of their monthly transaction via SMS.
Hence, the government has taken this decision to inform EPF members about their monthly deposits via SMS in future.
The government will raise the contribution by employers to the Employees' Provident Fund (EPF) to 15% from the existing 12% and introduce an insurance scheme for public and private sector employees who become unemployed, a government policy document said.
Sri Lanka’s Employees Provident Fund has grown since, to a significantly huge fund with an asset base nearing Rs. 3,000 billion with over 18 million accounts and a membership of over 17 million covering employees in the private sector, State corporations and statutory boards.
It operates under the purview of the Ministry of Labour with the Monetary Board of the Central Bank as the Trustee of the fund made responsible for its control and management.
EPF is the fund with by far the largest asset base in the country today.
The CBSL is in the process of streamlining procedures and systems to facilitate its services and processes.