Unions oppose govt. move to ‘tamper’ with workers’ superannuation funds
Social security and welfare fund, valued at US$14.63 billion, is in precarious position, says labour activist Lankan trade unions and labour activists have urged workers to unite and prevent the government’s attempt to undermine the nation’s largest social security and welfare fund amid concerns over economic hardships due to the island nation’s debt crisis, UCAN […]
Sri Lanka's largest social security and welfare fund, representing nearly 2.5 million individuals and valued at US$14.63 billion, is facing scrutiny from government officials and labor unions alike. The Employees' Provident Fund (EPF) and Employees' Trust Fund (ETF) are at the center of the controversy, with concerns over potential misuse and a lack of transparency in the administration of these crucial safety nets for workers.
Anton Marcus, joint secretary of the Free Trade Zones and General Services Employees Union, has urged workers to unite and prevent the government from tampering with the fund, which has been a target of previous attempts to misuse its resources. The left-wing National People’s Power (NPP) government, led by President Anura Kumara Dissanayake, maintains that the proposed amendments aim to improve efficiency and member benefits, but workers remain wary of the government's intentions.
The ongoing economic crisis, exacerbated by the country's sovereign debt default in April 2022, has heightened fears about the stability and security of these funds, as the nation grapples with severe public protests and critical shortages of essential resources.
Written by urgent.news from The Island Sri Lanka's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
