ECONOMYNEXT- Sri Lanka will set up a mechanism to update Employees’ Provident Fund (EPF) members of their monthly transactions via SMS, the co-cabinet spokesperson said.
“Issues have arisen on deposit of funds to EPF accounts,” Ramesh Pathirana told reporters on Thursday.
“Therefore, we will inform members of deposits to their account through their mobile phones in the future,” he said.
Skills Development, Employment and Labour Relations Minister Dinesh Gunawardena had forwarded the proposal to cabinet, which was approved, Pathirana said.
He said 2.6 million employees will benefit from the new system.
Previously, members had to wait 6-12 months to find out about their balances.
The EPF is Sri Lanka’s largest superannuation fund with over 2.2 trillion rupees in assets under management, with the central bank acting as its custodian.
Recent forensic audits have uncovered billions of rupees in losses to the EPF due to mismanagement. (Colombo/Feb13/2020)