Cabinet approves amendment to EPF Act

Cabinet approval was granted to amend the Employees' Provident Fund (EPF) Act No. 15 of 1958, introduced for the social security of private and semi-government sector employees not entitled to a pension.

General administrative matters regarding this Act operate under the Commissioner General of Labour, while the Monetary Board of the Central Bank of Sri Lanka acts as the custodian of the fund.

Although certain provisions of the Act were amended periodically, authorities identified the need to further amend it to provide a more qualitative and efficient service while minimising issues faced by fund members in line with current social, economic, and technological changes.

Accordingly, the Department of Labour prepared a preliminary draft considering proposals presented by the Central Bank of Sri Lanka.

Cabinet approval was granted for the proposal presented by the Labour Minister to instruct the Legal Draftsman to draft a bill to amend the Employees' Provident Fund Act based on that preliminary draft.