EPF funds un­der CB fully se­cure - Kiriella

Daily Mirror (Sri Lanka) - - NEWS - BY YOHAN PER­ERA AND AJITH SIRIWARDAN­A

Gov­ern­ment yes­ter­day as­sured that the EPF funds which is un­der the Cen­tral Bank is fully se­cured while 95 per­cent of the funds have been in­vested in gov­ern­ment se­cu­ri­ties.

This as­sur­ance was given by Leader of the House Lak­sh­man Kiriella in Par­lia­ment yes­ter­day with re­gard to a ques­tion raised by JVP MP Anura Ku­mara Dis­sanayake last month.

Mr Dis­sanayake who raised a ques­tion un­der stand­ing or­ders 27 (2) in May this year said a com­pli­cated is­sue had arisen among the work­ing class with re­gard to EPF funds be­ing in­vested in the risky stock mar­ket. “Around 2.7 mil­lion in the pri­vate and state sec­tor de­pend on their EPF. Through­out his­tory many care­tak­ers of this fund have tried to swin­dle this fund. By the end of De­cem­ber, 2018 from the Rs 2,500 bil­lion in this fund it an­nu­ally earns around Rs. 300 bil­lion through in­vest­ments. The EPF is un­der the Cen­tral Bank who have in­vested the funds mainly on sovereign bonds and Trea­sury Bills. An­other 4.5% has been in­vested in the stock mar­ket while an­other 2.5% is in­vested in fixed de­posits,” he said.

Mr. Kiriella said trea­sury bonds are sold in the pri­mary mar­ket at com­pet­i­tive prices He said 95 per­cent of the EPF has been in­vested in gov­ern­ment se­cu­ri­ties. He added that EPF had man­aged to earn a rev­enue of Rs 3.8 bil­lion in 2018 through in­vest­ments while it had earned a sum of Rs 2.9 bil­lion in 2017. How­ever it had earned a sum of Rs 4.7 bil­lion in 2016

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