President unveils new plans for EPF, ETF

President Ranil Wickremesinghe announced in Parliament today that the Government intends to establish a new independent entity to oversee the management of the Employees’ Provident Fund (EPF) and Employees’ Trust Fund (ETF). He expressed a willingness to engage with the Opposition and consider their suggestions regarding this initiative.

The President emphasized the need to deliberate on whether the EPF and ETF funds should be permitted for foreign investments, indicating the Government’s inclination to support such a move while remaining open to discussions with the Opposition.

Currently, the Central Bank administers the EPF, and the Labour Department manages the ETF. In response to a query from SJB MP Eran Wickramaratne about establishing an independent public execution body, President Wickremesinghe indicated a willingness to explore this possibility, contingent upon Opposition consent and collaboration.