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| Friday, 26 March 2004 |
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Kandy North group correspondent Lanka Podu Seva Sangamaya President Jayaratne Maliyagoda has urged President Chandrika Bandaranaike to stop the Government's proposal to amalgamate the Employees' Provident Fund and the Employees' Trust Fund and the move to hand over their control to an independent authority in place of the existing Monetary Board. The memorandum, going by the Central Bank reports, categorically denied the Government's claim of the Funds' bankruptcy, and pointed out that, on the contrary, the two Funds established on the initiative of the late Prime Minister S.W.R.D. Bandaranaike under Act No. 58 of 1958 today enjoys a membership of over two million employees with its capital standing at Rs. 283 billion as at November 30, 2002 with a monthly contribution of Rs.1,200 million. Maliyagoda's memorandum to the President stressed that this move on the part of the present Government is a sequel to pressure by the World Bank and the private sector to invest the EPF and ETF funds in the stock exchange by handing over their control to an independent body advised by a foreign consultant firm called Maxwell Stamp PLC UK. Maliyagoda's memorandum urged the President to instruct the present Government, the Secretary to the Treasury, and the Pension Reformations Department authorities not to touch the EPF and ETF Funds and to drop their new moves. |
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