EPF to move to Labour Dept
View(s):The operations of the Employees Provident Fund (EPF) will be transferred to the Labour Department, trade unions were informed at the last meeting of the National Labour Advisory Committee (NLAC).
This move, conveyed to the unions by Labour Minister Dr. Anil Jayantha, has raised concerns amongst trade unions which have, in the past, raised issues over the proper management of the EPF which is currently supervised by the Central Bank.
In the past the EPF funds have been invested in dubious companies in the Colombo Stock Exchange triggering huge losses. Trade union leaders say that during Dr. Indrajith Coomaraswamy’s (2016-2019) tenure as Central Bank Governor, a tripartite meeting was held every month to assess investments by the EPF. “That was a near foolproof method where the meeting, chaired by the Governor, was told by the EPF management of that particular month’s investment. Trade unions, employees and the EPF management were associated with that meeting,” one union leader said, adding that a similar, tripartite initiative would be beneficial to EPF members.
In the meantime, trade unions are contemplating legal action against four companies in the Colombo Port City which is exempt from the Termination of Employment Act, applicable across the board in Sri Lanka. “This is unfair as these companies can hire and fire staff without legal redress by workers. How can you have two sets of rules pertaining to employee termination?” the union leader asked.
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