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Sumanthiran asks why CB not publishing annual reports on timely basis
presents private member’s Bill to amend EPF law
Tamil National Alliance (TNA) MP M.A. Sumanthiran presented a private member’s Bill to the Bills Office to amend the Employee Provident Fund Act No. 15 of 1958 (as amended) this week.
He said that his Bill comes at a time when the country needs to seriously undertake economic reform. Part of that economic reform is the independence of the CBSL but also accountability of CBSL, he said.
Given below is the TNA MP’s statement on his Bill:
“The EPF is Sri Lanka’s largest fund, and all private sector (formal) workers are mandated to keep their retirement funds in the EPF. The EPF fund is managed by the Central Bank of Sri Lanka. As of 2019, there are 19.4 million accounts with the EPF, almost as many as the entire population of this country. Currently, even after an 80% depreciation of the Sri Lankan rupee, the EPF should be holding close to USD 10 billion in retirement savings of the hardworking Sri Lankan people. That is around 3.5 trillion rupees, in my estimate.
“More than the entire expected revenue of the government, for 2023. I don’t have precise figures, and must resort to estimates, because the EPF has been extremely irresponsible in publishing even its annual reports. Until November, the latest annual report available was for 2016. After we brought up this issue, during the Budget debates, they suddenly published the annual reports up to 2019. Why is the Central Bank not capable of publishing the annual reports, on a timely basis?
“Does this institution have the kind of management and accountability that people can trust? The Bond Scam from 2015 where the company Perpetual Treasuries, connected to the then Central Bank governor, bought a series of bonds, at low prices, allegedly using insider information, and then allegedly dumped these bonds on the EPF. As a result of the bond scam, forensic audits were ordered and the published forensic audits, in 2019, revealed that the EPF is exploited for private profit and manipulation of the bond market and share market to the detriment of Sri Lankan workers.
“The EPF Act, in its current form, requires that under section 5 (1) (h) the Monetary Board must provide, each year, information on each investment that it has made. This is to be done yearly and shared with the Minister, through the annual report. Not only has the EPF management (the Central Bank) failed to do that, it has refused to comply with RTI requests, even after the RTI Commission has had held that it should disclose information.
This Act is to increase the frequency of disclosure and add more clarity to the disclosures that will be required from the EPF, since it is presently not complying with the existing laws. Therefore, the amendment seeks to give clear requirements for (a) timely and regular disclosure; and (b) ensuring that the content disclosed provides sufficient information on the EPF to ensure accountability of the fund and safeguard the savings of workers. This amendment seeks to mandate better disclosure of information through the annual report (Section 5(1)(i)) and information on each purchase and sale of bonds/assets by the EPF (Section 5 (1)(h)) from an accountability perspective.”
News
US Supreme Court rejects Trump mail ballot restrictions ahead of midterms
The US Supreme Court has rejected President Donald Trump’s bid to allow the US Postal Service to enforce a rule targeting mail-in ballots.
On Monday, the conservative-majority court refused to lift an order by US District Judge Indira Talwani that blocked the measure, dealing a blow to Trump’s efforts to restrict voting by mail before the November midterm elections.
The postal agency adopted the rule after Trump signed an executive order in March seeking to tighten rules around mail-in voting. Under this measure, states were required to send the Postal Service a list of recipients and use ballot mail envelopes previously approved by the agency.
The Postal Service was allowed to deny ballots if they failed to comply with the new standards or were not associated with registered voters on the lists.
Talwani imposed an injunction blocking the rule, saying that it likely violated the US Constitution and would be impossible to apply given the nearing midterms.
Shortly after, the Trump administration issued an emergency request to the Supreme Court urging it to allow an “important federal policy to protect the mails from being used to commit voter fraud”.
In late August, the Supreme Court had temporarily allowed Trump to move ahead with his executive order on procedural grounds, but did not rule on the legality of the plan.
In the latest decision, the court said in an unsigned order that the administration was “unlikely to succeed on the merits” of its challenge. Justice Samuel Alito and Justice Clarence Thomas dissented, with Alito writing that some plaintiffs lacked standing while the rest were pursuing a claim the court had recently called a “Hail Mary pass”.
[Aljaeera]
Latest News
Eastern Province Divisional Secretariats recognized for outstanding performance
The “Mehewara Pasasum” programme to recognise Divisional Secretariats in the Eastern Province that demonstrated the highest level of performance in 2025 was held recently at the Swami Vipulananda Institute of Aesthetic Studies of the Eastern University, under the patronage of Prime Minister Dr Harini Amarasuriya. The programme was held as part of the initiative to decentralise President’s Fund services to the Divisional Secretariat level, with the aim of providing the public with a more efficient and prompt service.
Of the Divisional Secretariats in the three districts of Ampara, Batticaloa and Trincomalee, nine Divisional Secretariats, three from each district, were selected for recognition based on their efficiency in receiving President’s Fund applications and responding to them promptly.
Accordingly, the Sammanthurai Divisional Secretariat secured first place in the Ampara District, while the Addalachchenai Divisional Secretariat secured second place and the Kalmunai Divisional Secretariat third place.
In the Batticaloa District, first place was secured by the Kattankudy Divisional Secretariat, second place by the Manmunai North Divisional Secretariat and third place by the Koralaipattu Central Divisional Secretariat.
In the Trincomalee District, first place was secured by the Trincomalee Town and Gravets Divisional Secretariat, second place by the Kinniya Divisional Secretariat and third place by the Muttur Divisional Secretariat.
The first “Mehewara Pasasum” programme was held in Colombo, the second in Batticaloa, and this was the third programme.
Speaker Dr Jagath Wickramaratne, Minister of Industry and Entrepreneurship Development Sunil Handunnetti, Senior Additional Secretary to the President and Secretary to the President’s Fund Roshan Gamage, and a number of government officials and others were present at the occasion.
(PMD)
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Students of Rahmaniya Maha Vidyalaya Eravur visit Presidential Secretariat and President’s House
A group of students from Rahmaniya Maha Vidyalaya, Eravur, Batticaloa visited the Presidential Secretariat and President’s House on Monday (14) afternoon .
The students were given this opportunity as part of the “Vision” programme series, jointly implemented by the Presidential Secretariat, the Ministry of Education and the Communication Division of the Parliament of Sri Lanka for schoolchildren.
Prime Minister Dr Harini Amarasuriya stated that nurturing a future generation capable of providing leadership to society and committed to bringing about positive change in the world was an urgent need of the present day. She further stated that the Government’s objective in introducing the new education reforms was to prepare children to acquire knowledge from around the world while nurturing a confident and empowered generation capable of making a meaningful contribution to the country.
Following a visit to the former Parliament building at the Presidential Secretariat, the students were briefed on the history of Parliament.
Senior Additional Secretary to the President Roshan Gamage briefed the students on the role of the President’s Fund and the benefits available to schoolchildren through the Fund.
As part of the programme, valuable plants were also presented to the school as a symbolic gesture highlighting the importance of environmental conservation.
The Director and Assistant Director of the Tri-Forces Security Coordination Unit, the Principal and teachers of Rahmaniya Maha Vidyalaya Eravur and several others were present on the occasion.
(PMD)
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