EPF deposit base tops Rs 976 m

*To invest in sound stock

*Opens new HQ Building

Shirajiv SIRIMANE

The Employees’ Provident Found (EPF) will make more inroads to the stock market and look at other investment opportunities in the future as well, EPF Superintendent, Rupa Dheerasinghe said.

Speaking to Daily News Business at the opening of their new premises at the Lloyds Building in Fort, she said they are always looking at new opportunities where the risk is minimal.

“We recently bought 17 percent of issued capital shares from Laugfs Holdings,” she disclosed.

Dheerasinghe said Laugfs is a highly respected and diversified company and this was the reason for them to decide to invest in the company.

“This too was done after a careful study,” she said.

Dheerasinghe also said that they have no intension of getting involved in the administration of the company and they would hold on to the ‘stock’ until the market improves to ‘sell’ it.

She also said that they will also look at foreign buyers when the time is appropriate to sell.

Commenting on the EPF she said that it was growing and over 2,000 employees are added every year. “We have a deposit base of Rs 976 billion and will reach the illusive target of Rs one trillion by the end of the year. She disclosed that on average they receive around Rs 100 million each year.

Commenting on the future of the EPF she said that they are in the process of developing a card where the National Identity Card number too would be attached and browsing the accounts would be made easy.

“We are also looking at a web based system where the customers would be able to access their account on line.” Central Bank Governor Ajith Nivard Cabraal who was the chief guest at the opening said that it was a red-letter day for the Central Bank as the EPF moves to a ‘house of their own’.

He said that FPF was one of the oldest companies in Sri Lanka with over 53 years history behind them and is also highly respected. “It is one of the corner stones of the government.”

Even during time when the inflation was high funds kept on pouring to the EPF which clearly indicates the respect it commands.

The Governor said the EPF is providing better returns on investments than even the private sector. He also quashed rumours that the institution would be privatised or given out to foreigners and said that it would remain under the supervision of the Central Bank.

Labour Commissioner General Pearl Weerasinghe said the corporate sector is responding very positively towards the EPF and even companies that fell out in payments are now paying up. “Our officers also visit new companies and are working closely with them,” she said.