The government has taken steps to amend the Employees’ Provident Fund Act No. 15 of 1958 to enhance services provided to members and address challenges arising from current social, economic and technological changes.

The Cabinet of Ministers has approved a proposal submitted by the Minister of Labour to instruct the Legal Draftsman to prepare a Bill to amend the Act, based on a preliminary draft prepared by the Department of Labour.

The Employees’ Provident Fund was established to provide social security protection for employees in the private and semi-government sectors who do not have access to pension benefits.

While the Fund’s administrative activities are carried out under the Commissioner General of Labour, the Monetary Board of the Central Bank of Sri Lanka functions as its custodian.

The proposed amendments are aimed at improving the efficiency and quality of services provided to EPF members while reducing difficulties faced by them in line with evolving requirements.

The preliminary draft was prepared taking into consideration proposals submitted by the Central Bank of Sri Lanka, with further legislative amendments to be formulated by the Legal Draftsman, according to a statement issued by the Department of Government Information.