News
MP drops bombshell over EPF discrepancy, demands immediate remedy
…. asks whether IMF is blind
By Shamindra Ferdinando
Dissident SLPP MP Gevindu Cumaratunga faults Parliament for continuing to allow a special category of EPF (Employees’ Provident Fund) recipients, created since 2022, regardless of the matter being brought to the attention of Parliament.
Addressing the media at Sri Sambudhathva Jayantha Mandiraya, Cumaratunga said that in spite of the public finance being under the control of Parliament, the Wickremesinghe-Rajapaksa government had allowed an unprecedented discrepancy in what he called beneficial interest rates received by members of the Central Bank Provident Fund.
Pointing out that in the year 2022, all EPF members had been given 9% interest, whereas CB employees received a staggering 29.27%, MP Cumaratunga alleged that the Parliament had hindered his efforts to compel the Finance Ministry to admit the truth in Parliament.
The leader of the Yuthukama civil society group said that his question, pertaining to the EPF, that was raised on 10 July, 2023 received an answer only on 07 Nov. On behalf of the Finance Ministry, State Minister Shehan Semasinghe had admitted that those of the Central Bank Provident Fund were paid 29.27% whereas the rest received 09%, MP Cumaratunga said. Both EPF funds are managed by the Central Bank.However, State Finance Minister Semasinghe had failed to explain how Central Bank employees received an interest three times higher than other EPF beneficiaries, MP Cumaratunga said. Responding to a query by The Island, the MP said that though he raised the issue in Parliament, on July 10, 2023, the government and the Opposition were fully aware of the EPF issue.
Instead of taking remedial measures in this regard, the Parliament passed the Domestic Debt Optimization (DDO) plan on July 01, 2023, thereby legitimised the flawed EPF interest payment scheme. The MP said that the ruling SLPP voted for the controversial resolution that was adopted with a majority of 60 votes. The resolution received 122 votes in favour whereas 62 voted against. Forty one MPs skipped the vote.
Much of the 10-hour debate, on July 1, 2023, centred on how the DDO process impacted on the EPF and ETF (Employees Trust Fund).
Cumaratunga said that the Governor of the Central Bank Dr. Nandalal Weerasinghe had recently given Uthara Lanka Sabhagaya (ULS) an opportunity to discuss the matter at the Governor’s Secretariat. On behalf of the grouping, represented mainly by dissident MPs elected and appointed on the SLPP lists, MP Cumaratunga accompanied by Ven. Athureliye Rathana Thera met Dr. Weerasinghe and senior officials of the CB.
He said that during the discussion the Central Bank had assured that the information requested by the Finance Ministry, pertaining to the question the lawmaker raised in Parliament, had been furnished without delay. The top political leadership should take responsibility for causing the delay in answering the question, even though the Central Bank responded to the request made by Additional Secretary, Finance Ministry, in a letter dated July 27, 2023, Cumaratunga said. The official has requested the information before Aug 10, 2023, according to the MP. This transpired during the discussion the MPs had with Dr. Weerasinghe.
MP Cumaratunga said that before calling the media briefing he had examined past Central Bank reports, going back over ten years. President Wickremesinghe who also functions as the Finance Minister, owed the country an explanation so do State Finance Minister Shehan Semasinghe, MP Cumaratunga said.
In 2020 and 2021, the EPF members received 9% interest whereas Central Bank employees were paid 6.37% and 8.24%, respectively. The inflation had been 4.6% in 2020 and 6% in 2021 whereas interest rates were relatively low, MP Cumaratunga said.
But in 2022, when an explosive combination of issues caused unprecedented economic-political-social turmoil, the government increased interest rates. Pointing out that inflation rose to 46.4%, MP Cumaratunga said that EPF remained at a paltry 9% while Central Bank employees were granted significantly bigger – 29.27%. “This couldn’t be justified under any circumstances.”
Responding to another query, Cumaratunga said that Parliament should have addressed the issue promptly. “We are aware that the Central Bank employees are entitled to pensions whereas the vast majority of those who received just 9% beneficial interest didn’t have anything else to depend on after retirement.”
Cumaratungar said that Parliament at least now should intervene in this matter. Cumaratunga pointed out that though ordinary EPF members had been paid just 9% in 2021 and 2022, according to Central Bank records, there was a significant increase in profits in 2022 compared with the previous year. While 2021 investments had brought in Rs 293 bn profit, 2022 recorded Rs 349 bn in profits, the MP said.
Cumaratunga called for a thorough examination of all data as the biggest margin between interests paid to EPF and members of the Central Bank Provident Fund had been 1.7% in the recent past. That was in 2018 when EPF was paid 9.5% while Central Bank employees received 11.2%, the MP said.
Declaring that he had no faith in IMF remedies, MP Cumaratunga said that if the funding agency had been genuinely concerned about bankrupt Sri Lanka it could intervene in this matter, too, as it pressed the government to go all out to meet revenue targets.
News
Cabinet approval has been granted to several proposals and policies related to the new Education Reforms – Prime Minister
[Prime Minister’s Media Division]
Prime Minister Dr. Harini Amarasuriya emphasised in Parliament that the Government has taken steps to amend the Anti-Corruption Act not to weaken its objectives, but to further strengthen the anti-corruption process by addressing practical, institutional and human resource challenges identified during its implementation.
The Prime Minister made these remarks during the parliamentary debate on the Anti-Corruption (Amendment) Bill held on Thursday [8 October]. The Prime Minister pointed out that although discussions on anti-corruption laws and institutions had been ongoing since 1994, those institutions had existed largely in name only, without the necessary human resources, financial allocations, resources and infrastructure required for their effective functioning. She further noted that although the new Anti-Corruption Act was introduced in 2023, the practical challenges associated with its implementation became apparent only after it began to be actively enforced in 2025.
Accordingly, the current amendments have been proposed to facilitate the recruitment of the required human resources, rectify inconsistencies between the Sinhala and English versions of the Act, and resolve practical difficulties encountered in its implementation. She also noted that discussions had taken place regarding the need to consider the privacy of public officials and all other parties connected with the State in relation to asset and liability declarations made under the Anti-Corruption Act.
However, neither the original Act nor the current amendments had, at any point, exempted elected representatives from these obligations. “The Opposition’s statements clearly reveal its agitation and discomfort regarding the establishment of an anti-corruption culture in the country and its effective implementation,” the Prime Minister stated.
Recalling that one of the key demands of the people’s struggle was not merely to punish those who had misappropriated public funds, but also to recover those funds for the State, the Prime Minister stated that the current amendments also seek to strengthen mechanisms for achieving this objective. She pointed out that, in addition to ensuring that individuals involved in corruption are brought to justice, another objective of the amendments is to strengthen the mechanisms necessary to recover losses incurred by the State.
“This is not an attempt to weaken the anti-corruption process. It is an effort to resolve the practical, institutional and human resource challenges that arise in its implementation. We have nothing to gain by abandoning the fight against corruption. If we were to abandon it, that would be our defeat,” the Prime Minister emphasised. The Prime Minister further stated that it was deeply regrettable that, in a country where a significant protest of people had taken place against corruption, the Opposition was attempting to mislead the public by presenting false arguments. She noted that such actions only served to demonstrate that the Opposition was once again attempting to protect a corrupt political culture.
[Prime Minister’s Media Division]
Sri Lankan professionals trained in India under the Indian Technical and Economic Cooperation (ITEC) programme have formed a national alumni association. The Sri Lanka ITEC Alumni Association was formally launched at its inaugural meeting on Thursday, 8 October 2026, at the Grand Crystal Ballroom of Hotel Taj Samudra, Colombo.
The Association is a unique initiative of the Education Wing of the High Commission of India in Sri Lanka. The Wing oversees India’s education and scholarship programmes for Sri Lanka, including the ITEC programme. The initiative was led by Sandeep Chaudhary, First Secretary (Education), High Commission of India. His vision and support were key to bringing Sri Lanka’s ITEC alumni together under one platform for the first time.
The Government of India launched ITEC in 1964, and it has since become one of the cornerstones of India’s development partnership with countries of the Global South. The programme is fully funded by the Government of India and offers civilian training in a wide range of fields, including public administration, finance, information technology, engineering, management, agriculture, health and the environment. Courses are delivered at leading Indian institutions. Over six decades, ITEC has trained officials and professionals from more than 160 partner countries. Sri Lanka has been one of its most active participants, and thousands of Sri Lankan public servants and professionals have benefited from the programme.
The new Association brings these alumni together from government, semi-government and private sector institutions. Its aims are to foster professional networking, knowledge sharing, capacity development and community service. It will also encourage collaboration among alumni and guide and support future Sri Lankan participants in ITEC programmes. In doing so, the Association seeks to deepen the long-standing friendship and people-to-people ties between Sri Lanka and India.
At the meeting, members elected an Executive Committee to lead the Association. Ms. Gayathri Suveendran was elected President. The other office-bearers are:
Vice Presidents: P.B. Hasith Sandaruwan and Leo Darshan
General Secretary: Anupa Weerarathne
Assistant Secretary: Vimukthi Dushantha
Treasurer: S. Rubadharshan
Assistant Treasurer: I. Ravikumar
Four sectoral committees will carry the Association’s work forward:
Establishment, Administration and Finance: Prof. M.I.M. Mujahid Hilal, M. Farwis, Milroy Aluthwatta, W.P. Suraweera, M.S. Thayaraj and Asinsala Senevirathne.
ICT, Digital Transformation and Innovation: Sujah Ameer, Danushka Diunugala, T.M.M. Perera, Tharanga, M.K.H.P. De Silva, Pubuditha Madushan and Arulkumaran Mahalingam.
Coordination, Organising and Legal Affairs: T. Srirajeevan, Theja Jayathilaka, Eng. A. Lingeswaran, Chaminda K. Uda, Kumuduni, S. Sinthujan and Ananda Arasu.
Media, Public Relations and Publications: Rahul Samantha Hettiarachchi, Dr. Gayani Kaushalya, Anandi Premarathne, Vimukthi Dushantha, R. Suhanthan and Shyam Nuwan Ganewatta.
The founding of the Association marks a significant milestone for the ITEC community in Sri Lanka. It turns individual training experiences in India into a shared national resource, and it adds a new professional dimension to the enduring partnership between the two neighbours.
‘Time for Ukraine to get new president,’ says Trump after Zelensky condemns diesel deal
Cabinet approval has been granted to several proposals and policies related to the new Education Reforms – Prime Minister
The Anti-Corruption Act is being amended to strengthen It, not to weaken it – PM
Renshaw 190 lifts Australia to 390 before Hazlewood strikes
Pope says death penalty ‘inadmissible’ as US plans to livestream execution
Attack on airport in Saudi capital, Riyadh, leaves several injured
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
#SundayIsland 17th December – Headlines
Sunday Island – 28th March
Sunday Island Headlines – 21 March
Sunday Island – 21st February – Headlines
-
News6 days agoGeneva takes up Sallay’s case and govt. ignores opportunity to answer accusations
-
Features7 days agoThe first woman in the foreign service or Ceylon Overseas Service it was then called
-
News7 days agoNearly 20 Iranian tankers stranded off Lanka amid US sanctions
-
Features5 days agoPreventing grievances from becoming communal
-
Sports3 days agoNissanka absence opens door for Sri Lanka’s young guns
-
News4 days agoGnansara Thera to be assigned to prison printing section: Officials
-
Features3 days agoThe Sri Lankan who made Scottish history
-
Features6 days agoSri Lanka Cricket Bill: Governance reform is not yet a cricket strategy