Connect with us

News

Gevindu asks whether SC action influenced govt. decision to increase EPF interest

Published

on

Gevindu

SLPP National List MP Gevindu Cumaratunga and member of Uththara Lanka Sabhagaya has asked whether moving of the Supreme Court to seek equal treatment to all members of the Employees Provident Fund (EPF) influenced the government’s decision to increase the interest paid to members from 9% to 13% for 2023.

Addressing the media at Dharmayathanaya, Baudhaloka Mawatha, MP Cumaratunga said that though he felt the government could have granted even a better interest rate, the decision was genuinely appreciated. The MP noted that the amount was higher than what was promised in Parliament.

The first time entrant to Parliament said that the SC recently announced that the case would be taken up on May 20. Cumaratunga, who is also the President of Yuthukama National Organisation, moved the SC in terms of Article 126 read with Article 17 of the Constitution.

MP Cumaratunga alleged that while increasing the interest granted to those who had received 9% to 13 percent, the EPF interest paid to Central Bank employees’ was believed to have been higher. However, that amount was significantly lower than what was offered to CBSL employees for 2022.

The apex court’s intervention has been sought on the basis that EPF members were paid 9% interest for 2022 in terms of the EPF Act No 15 of 1958 whereas members of the Central Bank Provident Fund received 29.27% in the same year. However, with regard to Employees Trust Fund (ETF), there hasn’t been any discrepancy with all members receiving 8.75% in 2022.

Lawmaker Cumaratunga has told the SC that after an inordinate delay State Finance Minister Shehan Semasinghe on Nov 07, 2023 disclosed the difference in interest payments made to EPF members elsewhere and those working at the Central Bank. According to the civil society activist, the questions regarding EPF interest and related matters were submitted to Parliament in July 2023.

The petition named the Central Bank as the first respondent, followed by the Governor of the Central Bank, Attorney General, State Finance Minister and Commissioner General of Labour as respondents.

The petitioner requested the SC among other matters to transfer /credit Rs 21,000,000,000 that had been wrongly transferred to the Profit Equalization Fund, to the profit available for distribution and transfer/credit Rs 29,000,000,000 from the profit Equalization Reserve for profit available for distribution. The petitioner pointed out that this would enable the recalculation and revising of interest payable to each EPF member at 11 % or above for 2022. The petitioner also requested that the interest paid to Central Bank members of the fund should be re-fixed at an equitable rate as deemed by the SC (SF)



Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Elders’ home devastated by fire was a ‘house of horror’: Witnesses

Published

on

Death toll rises to 12: Director remanded

Some residents were allegedly chained

Police have come under public pressure to investigate allegations of inhumane treatmenf the residents at an elders’ home in Batagoda, which was also reportedly used as a care centre for persons with special needs, following a devastating fire that has so far claimed 12 lives.

Eyewitnesses who were among the first responders told the media that several residents had been chained inside rooms at the Senehase Kedella Elders’ Home when the fire broke out on Wednesday. They claimed that rescue efforts were hindered as iron chains could not be removed, and that some residents died while being restrained.

Authorities have not yet verified these claims, and Police said investigations are continuing.

Police spokesman ASP F.U. Wootler, contacted for comment, said there were rumours to that effect, but the Police were not in a position to verify the claims until a report from the Government Analyst was received. He said eight survivors with burn injuries were being treated in hospital.

Meanwhile, the Director of the facility had been arrested and was due to be produced before the Horana Magistrate’s Court, Police said adding that he was remanded till June 11.

The death toll from the fire has risen to 12 as of Thursday morning following the recovery of additional charred remains during ongoing forensic examinations at the site. Six others sustained serious injuries and are being treated at the Horana Base Hospital.

Police said 72 residents were inside the facility at the time of the blaze. Of them, 10 died inside the building, seven were injured and hospitalised, while 51 were rescued and relocated.

Survivors were initially housed at Batagoda Junior School before being transferred with Army assistance to another branch of the same care network in Galpatha.

A magisterial inquiry was conducted on Thursday morning. Horana Magistrate Lakmini Vidanagamage visited the scene. The burnt remains were examined and removed under judicial supervision.

Separately, allegations have emerged that residents were required to pay an admission fee of Rs. 75,000, along with a monthly charge of Rs. 35,000 to the centre. Police have not commented on these claims.

The director was taken to the scene as part of ongoing investigations, while forensic experts continue examinations to determine the cause of the fire, which remains undetermined.Anguruwatota Police are conducting investigations.

 By Norman Palihawadane and Nishan S Priyantha

Continue Reading

News

CERT : AI-generated videos depicting Prez, PM lure public into financial scams

Published

on

Sri Lanka CERT has issued a public warning over the circulation of artificial intelligence (AI)-generated videos falsely depicting President Anura Kumara Dissanayake, Prime Minister Harini Amarasuriya and several other prominent personalities to promote fraudulent investment schemes online.

According to complaints received by the national cyber security agency, the videos have been created using deepfake technology and are being used as part of attempts to defraud members of the public through financial scams.

The images of famous sports personalities and other public figures have also been misused in the deceptive content.

The agency has warned that similar AI-generated material has been used to spread false information relating to investment opportunities, employment offers, as well as matters concerning the country’s economy and tax policies.

According to Sri Lanka CERT, the videos are being widely shared across online platforms and frequently contain links urging viewers to make investments in return for purported profits.The agency has cautioned that these links may redirect users to fraudulent websites designed to steal personal information, financial data and money from unsuspecting victims.

Sri Lanka CERT has urged the public to exercise extreme caution when encountering such content online and advised against clicking on suspicious links or sharing personal information through unverified websites.

“The public should remain vigilant and avoid becoming victims of false information and online fraud schemes,” the agency said.

Sri Lanka CERT has also encouraged internet users to verify information through official sources before acting on any investment, employment or financial offers circulated via social media or other online platforms.

Continue Reading

News

New tax law comes into force

Published

on

Speaker Dr Jagath Wickramaratne endorsing the certificate on a Bill (File)

Speaker Dr Jagath Wickramaratne on Wednesday endorsed the certificate on the Inland Revenue (Amendment) Bill, bringing the legislation into force as the Inland Revenue (Amendment) Act, No. 11 of 2026, Parliament sources said.

The Bill, which amends the Inland Revenue Act, No. 24 of 2017, was passed by Parliament on May 19.

The new law introduces a series of reforms aimed at modernising tax administration procedures, improving compliance and enforcement mechanisms, enhancing the accuracy of tax calculations and deductions, and strengthening transparency within the tax system.

The amendments also support broader economic policy objectives and include measures designed to reinforce anti-money laundering safeguards.Among the key provisions of the Act is the mandatory use of Taxpayer Identification Number (TIN) certificates for specified high-value financial transactions.

The legislation also introduces revisions to the calculation of taxable income, clarifies tax exemptions applicable to certain projects and business entities, and expands the scope for information disclosure to relevant authorities.

The amendments are expected to improve the efficiency of tax administration while facilitating greater accountability and regulatory oversight.With the Speaker’s endorsement of the certificate, the Inland Revenue (Amendment) Bill has now become law as the Inland Revenue (Amendment) Act, No. 11 of 2026.

Continue Reading

Trending