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SJB to present amendment to EPF act

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ECONOMYNEXT –Sri Lanka’s main opposition party the Samagi Jana Balawegaya (SJB) will present an amendment to the Employees’ Provident Fund (EPF) Act to ensure an equitable treatment in restructuring domestic debt, an SJB legislator said.

MP Harsha de Silva told reporters on Wednesday July 12 that the party will propose an amendment that, if passed, will see a minimum benefit paid to EPF members or pay the same interest rate paid to other players in the market, or a rate that reflects inflation.

The amendment will be proposed with 2.6 million active EPF accounts in mind over the next 15 years during which Sri Lanka’s domestic debt restructuring (DDR) will be in effect, said de Silva.

Opposition parties in Sri Lanka according to the SJB have criticed the DDR programme over alleged injustice to EPF members.The EPF is managed by Sri Lanka’s central bank, which in legal terms is its Monetary Board. It is the country’s single largest fund amounting to around 3.4 trillion rupees at present and is also the largest holder of treasury bonds – about 36 percent – which in turn make up over 90 percent of the fund’s total investments.

A claim by SJB and opposition leader Sajith Premadasa that the EPF would lose 12 trillion rupees over 15 years as a result of the DDR  exercise was recently refuted by Central Bank Governor Nandalal Weerasinghe who said it was a misrepresentation of reality.

“You have to consider the entire picture. Anyone is welcome to make alternative proposals, but we have so far not seen any other equitable proposal.

“It’s easy for anyone to nitpick and mislead the public. That’s all I have to say,” said Weerasinghe.



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Indonesian Naval Ship ‘KRI SULTAN ISKANDAR MUDA – 367’ arrives in Colombo

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The Indonesian Naval Ship, ‘KRI SULTAN ISKANDAR MUDA – 367’, arrived at the port of Colombo today (22 Jan 26) on a scheduled port call for logistics replenishment and a goodwill mission.

In keeping with time-honored naval tradition the ship was accorded a ceremonial welcome upon arrival.

The 90.71m – long Sigma Corvette FS is commanded by Commander Annugerah Anurullah.

During the stay in Colombo, the crew members of the ship are expected to visit some tourist attractions in the city limits.

Further, this visit provides an avenue to enhance professional interaction and courtesy engagements among two navies.

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Royal Navy of Oman Ship ‘AL SEEB’ calls at Port of Colombo

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The Royal Navy of Oman Ship ‘AL SEEB’ arrived at the Port of Colombo on a logistics replenishment visit today (22 Jan 26).

The Sri Lanka Navy welcomed the visiting ship in compliance with naval traditions.

The 75m – long ship is commanded by Lieutenant Commander Hamad Bin Mohammed Aldarmaki. The port call will facilitate professional interaction and goodwill exchanges between the two navies.

During her stay in Colombo, crew members of the ship are expected to visit some tourist attractions in the city of Colombo.

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Mechanism to be established involving university academics and experts for Education Reforms – President

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President Anura Kumara Dissanayake stated that the Government is taking steps to establish a comprehensive mechanism, supported by an appropriate legal framework, to bring together university academics, experts and all relevant parties in order to resolve issues arising during the implementation of education reforms.

The President made these remarks during a discussion with the Federation of University Teachers’ Associations (FUTA) held on Wednesday (21) morning  at the Presidential Secretariat.

During the discussion, FUTA members emphasized the challenges encountered while trying to implement educational reforms through a framework established by the National Institute of Education, in line with the current laws and regulations.

They further emphasized that while their association acknowledges the need for new education reforms, the urgency of such reforms is greater for students in rural schools than for those in urban schools.

The Federation of University Teachers’ Associations further stated that they appreciate the decision taken by the Government, under the leadership of the President, to address the issues arising from education reforms and affirmed their readiness to contribute to this process.

As a continuation of the previous discussion, proposals addressing the challenges faced by academics within the university system, along with possible solutions, were presented to the President. In response, the President emphasized that the Government would take all possible measures to safeguard the university system and strengthen education.

The discussion also covered proposed amendments to the Universities Act.

President Anura Kumara Dissanayake noted that, in the aftermath of the recent disaster, the Government has been effectively implementing a nationwide rebuilding programme, addressing economic stability, development and all critical sectors. The President also called upon university academics to actively support these reconstruction efforts.

The meeting was attended by Minister of Ports and Civil Aviation, Anura Karunathilaka, as well as representatives of the Federation of University Teachers’ Associations, including its President, Prof. P. R. Weerathunga, Vice President M. A. M. Sameem and Secretary Charudaththe Ilangasinghe.

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