Chandra Calls On Labour Minister To Inquire Into Effectiveness Of EPF Bond Investments
June 3, 2016
Good governance activist and former chairman of the Ceylon Chamber of Commerce, Chandra Jayaratne has called on Minister of Labour and Trade Union Relations, W. D. J. Seneviratne to Initiate an Immediate Independent Inquiry, by persons with requisite capability, independence and integrity, to assess the operational efficiency and effectiveness of Bond Investments by the Employees Provident Fund (EPF).
Chandra Jayaratne
In a letter sent to Seneviratne on 03rd June 2016, Jayaratne said, “You would no doubt agree, whereas the fund management and administration accountability for the fund assets of the EPF lie with the Central Bank of Sri Lanka, that the Ministry of Labour and Trade Union Relations is the Custodian Trustee of the Employees Provident Fund, with direct oversight responsibility vesting in the Commissioner of Labour and Superintendent of the Employees Provident Fund.”
“In terms of the aforesaid Trustee responsibility and overall oversight responsibility, the ensuring of economic, efficient and effective fund management of the pool of investments held in Trust for the members of the EPF by the Central Bank of Sri Lanka, lies with You, the Ministry of Labour and Trade Union Relations as well as the said Commissioner of Labour and Superintendent of the Employees Provident Fund.”
“In view of the controversies surrounding the bond investments by the EPF, which have been raised since February 2015 till to date, I appeal to you to initiate an Immediate Independent Inquiry, by persons with requisite Capability, Independence and Integrity, to assess the Operational Efficiency and Effectiveness of Bond Investments by the Employees Provident Fund (EPF),” he said in the letter, which was also copied to President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe.
Full text of the letter;
3rd June 2016
Minister W. D.J. Seneviratna,
Minister of Labour & Trade Union Relations,
Ministry of Labour & Trade Union Relations,
Labour Secretariat,
Colombo 5.
Labour Secretariat,
Colombo 5.
Dear Mr. Minister,
Initiate an Immediate Independent Inquiry to Assess the Operational Efficiency and Effectiveness of Bond Investments by the Employees Provident Fund (EPF)
You would no doubt agree, where as the fund management and administration accountability for the fund assets of the EPF lie with the Central Bank of Sri Lanka, that the Ministry of Labour and Trade Union Relations is the Custodian Trustee of the Employees Provident Fund, with direct oversight responsibility vesting in the Commissioner of Labour and Superintendent of the Employees Provident Fund.
In terms of the aforesaid Trustee responsibility and overall oversight responsibility, the ensuring of economic, efficient and effective fund management of the pool of investments held in Trust for the members of the EPF by the Central Bank of Sri Lanka, lies with You, the Ministry of Labour and Trade Union Relations as well as the said Commissioner of Labour and Superintendent of the Employees Provident Fund.
