EPF funds well managed under Central Bank

Saturday, 8 June 2019

Leader of the House and Minister Lakshman Kiriella yesterday assured that the Employees Provident Fund (EPF) is well managed, the government is responsible for its protection.Kiriella said the Central Bank’s Financial Board has earned profits by investing EPF money in Treasury Bonds and if the Opposition still has issues with the EPF, the government was ready to give them a day’s debate on the matter.

The Minister stated that a Rs 9.8 million profit was earned in 1998 by investing the EPF money in the Stock Market and since then millions of profits had earned since then until 2016. He added that a Rs 82.53 million profit had been earned in 2000 and Rs 114.40 million profit the next year. He also pointed out that a Rs 4,714 million profit earned in 2014 and Rs 3,894 million the following year.

Minister Kiriella made these observations in response to a query made by JVP Parliamentarian Anura Kumara Dissanayake under standing order 27(2) on a previous day.

Minister Kiriella further said that the 95 percent of the EPF money has been invested in Treasury Bills and a CID investigation was in progress on the Central Bank Bond investment in 2015