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Eran slams SLPP over move to impose 25% tax on EPF profits

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The government has decided in an unprecedented manner to impose a 25% surcharge on the income of the Employees’ Provident Fund (EPF), which has never been taxed in the history of Sri Lanka, and the Opposition is totally opposed to the new tax, says MP Eran Wickremaratne at a press conference held at the Opposition Leader’s Office early this week.

Wickremaratne said that about 1.8 million members of the fund spent what they received as benefits on their family needs after retirement. Mostly employees deposit that money in a bank account and depend on its interest to meet their needs in the evening of their lives. The Yahapalana government decided to pay a maximum of 15% interest on the money in the accounts of these senior citizens with the intention of providing relief to those who have served the country.

Wickramaratne said that the Opposition opposed subjecting the EPF to such a super gain tax of 25 %. “This government seems to be raising issues that the country does not have in the face of crises it faces. During the 2019 Presidential election there was a campaign in the country that there was a bond scam. A Presidential Commission of Inquiry was also appointed for that purpose. The Presidential Bond Commission had recommended that the bond issue should be further investigated effective from 2002.

“Accordingly, the Monetary Board of the Central Bank has decided to conduct a Forensic Audit investigation with foreign experts on the subject. Five-reports were released two years later, on 07 November, 2019, just days before the 2019 presidential election. Within a week of the release of these reports a new President was elected to office and the Good Governance Government was unable to implement its recommendations.

It has been two years since President Gotabaya Rajapaksa was elected, but he did nothing to take action against the culprits mentioned in the forensic report. The government not only did not initiate investigations but also has put it under the carpet enabling it to avoid taking action against the accused on those reports.

The forensic reports state that the irregularities in EPF fund should be carefully investigated. The second volume of the report explains how the EPF money was invested in bonds and the stock market. It has been found that out of the 142 investments made using Rs. 46.95 billion of EPF money, prior approval has not been obtained for 98 investments. There is a committee to approve such investments and it is illegal to make such investments without the approval of that committee.

“All discussions on transactions made by the Central Bank will be recorded. Though the investigators wanted 1163 such recordings related to this provident fund investment for inspections, only 265 recordings have been submitted. Mr. Wickremaratne pointed out that this proves how the authorities have acted to cover up the theft of transactions.

“Furthermore, EPF has been paid a lower interest rate than the average market value. Investments have also been made in companies that are not in the stock market contravening the regulations that covers the EPF. Rs. 500 million has been provided to SriLankan Airlines. This investment from the employees’ money was made in 2010 before the approval of the relevant investment committee and this was a complete loss to the EPF as there was no return on this investment.

“When the forensic auditors asked the then Governor of the CBSL Ajith Nivard Cabraal to answer a questionnaire on bonds and stock market investments made at a loss to the EPF, the then Governor Cabraal avoided any response and has not responded to a request even for a meeting”, he said.

Wickremaratne accused the present government of protecting the Bond scammers by hiding the five forensic reports on the Bond scam under the carpet.



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“Let’s move forward together in unity to build a country where all labour is valued, rights are protected, and equality prevails” -PM

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Prime Minister Dr Harini   Amarasuriya in her May Day message called upon the working people in Sri Lanka to move forward together in unity to build a country where all labour is valued, rights are protected, and equality prevails.

The full text of the PM’s message:

The history of the Sri Lankan labour movement is a remarkable journey, shaped over decades by the blood, sweat, and sacrifices made in the pursuit of rights, justice, and dignity.

Beginning with the printers’ strike of 1893, the working people of this country emerged as an organised force. Through the trade union movement led by A. E. Goonesinha and the emergence of the Lanka Sama Samaja Party, the voice of labour gained political strength. The Railway Workers’ Strike of 1923 and the public service strike of 1947 reaffirmed that the true ’driving force’ behind the country’s economic and social transformation was its working people. I respectfully acknowledge the invaluable contributions of workers in the plantation sector, ports, railways, and across both the public and private sectors, whose dedication laid the foundation for many of the labour rights we benefit from today.

As we commemorate International Workers’ Day with dignity once again, we pay tribute to all working people across the world, including the heroic workers who sacrificed their lives in the struggle for an eight-hour workday in Chicago in 1886. This year’s May Day holds special significance as it is being celebrated under a government built through the power of the people, in honour of the entire working community of Sri Lanka.

Granting due respect to labour and safeguarding the rights of all working people are core policy commitments of our government. Accordingly, we remain dedicated to creating a fair and safe working environment by expanding existing services and implementing new programmes aimed at improving the living standards of working people.

Ensuring fair and equal access for all citizens is a fundamental objective of the government. Following that, it is our responsibility to create an environment in which everyone can lead a dignified professional life. Establishing a national social protection system that recognises unpaid labour and guarantees social security for unpaid labours is among the foremost priorities of our government.

On this May Day, we must reaffirm the importance of moving forward together in unity to build a country where all labour is valued, rights are protected, and equality prevails. With the strength and dedication of all working people, may we soon achieve the vision we all share: “A Thriving Nation – A Beautiful Life

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Heat Index at Caution Level at some places in the Northern, North-central, Eastern, Sabaragamuwa and North-western provinces and in Monaragala district during the day time

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Warm Weather Advisory
Issued by the Natural Hazards Early Warning Centre
Issued at 3.30 p.m. on 30 April 2026, valid for 01 May 2026.

The Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at some places in the Northern, North-central, Eastern, Sabaragamuwa, and  North-western provinces and in Monaragala district during the day time.

The Heat Index Forecast is calculated by using relative humidity and maximum temperature and this is the condition that is felt on your body. This is not the forecast of maximum temperature. It is generated by the Department of Meteorology for the next day period and prepared by using global numerical weather prediction model data.


Effect of the heat index on human body is mentioned in the above table and it is prepared on the advice of the Ministry of Health and Indigenous Medical Services.

ACTION REQUIRED
Job sites: Stay hydrated and takes breaks in the shade as often as possible.
Indoors: Check up on the elderly and the sick.
Vehicles: Never leave children unattended.
Outdoors: Limit strenuous outdoor activities, find shade and stay hydrated.
Dress: Wear lightweight and white or light-colored clothing.

Note:
In addition, please refer to advisories issued by the Disaster Preparedness & Response Division, Ministry of Health in this regard as well. For further clarifications please contact 011-7446491.

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USD 2.5 mn fraud probe: Interdicted MoF official found dead at home

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An Assistant Director of the External Resources Department (ERD) of the Ministry of Finance, interdicted pending an investigation into the diversion of US$2.5 million in Treasury funds to a rogue account was found dead at his residence in Kuliyapitiya.

The deceased has been identified as Ranga Nishantha, 50.

Police said the officer had been found in the garden of his house and they believed that the officila had committed suicide. However, investigators have not ruled out other possibilities, and inquiries are continuing.

The official was interdicted along with three other senior Finance Ministry officials over a cyber-enabled financial fraud.

Those interdicted include a Director and an Assistant Director from the ERD, as well as a Director and an Additional Director General from the Public Debt Management Office (PDMO).

Police sources said that the CID had on two occasions asked Nishantha to make a statement in connection with the ongoing investigation, but he had failed to comply.

Police said the CID probe into the alleged cyber fraud is continuing, with investigators examining the circumstances surrounding the diversion of funds through compromised communication channels.Kuliyapitiya Police said further investigations were underway to establish the exact cause of death.

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