EPF funds under CB fully secure - Kiriella
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