Cabinet approves amendment to Employees’ Provident Fund Act

The Cabinet of Ministers has approved a proposal by the Minister of Labour to draft amendments to the Employees’ Provident Fund (EPF) Act No. 15 of 1958, aimed at strengthening social security for private and semi‑government sector employees who are not entitled to pensions.

The EPF Act, introduced in 1958, is administered under the Commissioner General of Labour, with the Monetary Board of the Central Bank of Sri Lanka serving as custodian of the Fund. 

While provisions of the Act have been revised periodically, the government notes that further reforms are necessary to address challenges faced by members in line with current social, economic, and technological changes.

Taking into account proposals submitted by the Central Bank, the Department of Labour has prepared a preliminary draft. Based on this, instructions have been issued to the Legal Draftsman to prepare a Bill to amend the EPF Act. (Newswire)

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