February, 13, 2020
Approval of the Cabinet of Ministers was granted for the proposal of the Minister of Skills Development, Employment and Labour Relations, to set a up a mechanism in order to update Employees’ Provident Fund (EPF) members of their monthly transaction via SMS.
The Employees Provident Fund (EPF) is currently the largest Social Security Scheme in Sri Lanka. With an asset base of Rs. 2,289 billion as at end 2018. There are approximately 2.6 million permanent employees who are members of Employees’ Provident Fund. However, with the current system, Issues have arisen on deposit of funds to EPF accounts.
Hence, the government has taken this decision to inform EPF members about their monthly deposits via SMS in future.