EPF to maximize returns to members
Indunil HEWAGE
|
Dr. Nandalal Weerasinghe
|
The Employees’ Provident Fund (EPF) will implement innovative,
diversified fund management strategies to maximize returns for all EPF
members and to enhance the efficiency of member services. Dr. Nandalal
Weerasinghe, Deputy Governor of Central Bank in an interview with Daily
News Business said Central Bank has been able to offer a higher return
for all EPF members by investing EPF funds in the corporate bond market
as well as listed securities.
The EPF fund was managed by the Central Bank at a minimum cost and it
has invested more than 90% of the EPF fund in government securities,
while some 7% has been invested in the corporate bond market.
The Central Bank Road Map 2013 report said it would make compulsory
for employers who have more than 50 employees to send e-returns, which
would enable the update of member accounts instantly. Nearly 80% of 2.3
million members will be covered by this scheme.
This measure would also improve the Doing Business Ranking of Sri
Lanka.
This strategy will undertake image scanning of all master records of
members to further enhance services.
It is also planned to establish an e-record room by replacing the
existing master files by 2014 with electronic records.
The diversification plan would also cover equity investments that
would provide for long term growth and income, private equity
investments that would yield higher long term returns and investments in
debt securities such as corporate debentures, trust certificates and
commercial paper that will provide higher annual incomes.
EPF will strive to provide a return that is approximately higher than
inflation on a consistent basis. |
