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CB directed to submit detailed report on EPF investments

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Committee member, MP Dilan Perera addressing the Sectoral Oversight Committee on Foreign Employment and Labour

The Sectoral Oversight Committee on Foreign Employment and Labour has recently directed the Central Bank to submit a report detailing the institutions in which funds belonging to the Employees Provident Fund (EPF) have been invested.

In addition, the committee has decided to summon experts to propose a systematic approach for utilizing EPF funds.

Under the chairmanship of MP Hector Appuhamy, the Sectoral Oversight Committee convened in Parliament for this purpose. The chair instructed the Central Bank to include plethora of details in the report, such as the amount of money collected, the investments made, the profits and losses incurred, and the specific institutions where the funds have been invested over the past decade. The committee expects the report to be submitted within a two-week timeframe.

Highlighting that the EPF consists of public funds, the committee chair emphasized the need for a smoother and more efficient process that benefits the contributors. Consequently, the committee has decided to invite experts on the subject to propose a better mechanism and a way forward.

Furthermore, the committee expressed disappointment over delays in disbursing EPF payments to eligible recipients. The Department of Labour revealed that certain government institutions and Regional Plantation Companies have failed to fulfill their EPF obligations without facing consequences.

In response, the Sectoral Oversight Committee on Foreign Employment and Labour has instructed the committee to summon these non-compliant government institutions and Regional Plantation Companies to address the issue.



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Hundreds fired at aviation safety agency, union says

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The Trump administration has begun firing hundreds of Federal Aviation Administration (FAA) employees, according to the Professional Aviation Safety Specialists (PASS) union, weeks after a fatal mid-air plane collision in Washington DC.

Several hundreds of the agency’s probationary workers – who have generally been in their positions for less than a year – received the news via email late on Friday night, a statement from PASS’s head, Alex Spero said.

It is a part of a cost-cutting drive, driven by Elon Musk’s Department of Government Efficiency (Doge)., that aims to drastically cut the federal workforce.

Spero called the firings “shameful” and said they “will increase the workload and place new responsibilities on a workforce that is already stretched thin”.

 

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The term of Acting President of the Court of Appeal Justice Mohammed Thahir Laffar extended

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The term of Acting President of the Court of Appeal Justice Mohammed Thahir Laffar has been extended.

Accordingly, Justice Mohammed Thahir Laffar took his oath before President Anura Kumara Disanayake at the Presidential Secretariat on Monday (17). Secretary to the President Dr. Nandika Sanath Kumanayake was also present on this occasion.

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Colombo High Court serves indictments against SLPP Parliamentarian Namal Rajapaksa

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The Colombo High Court has served indictments against Sri Lanka Podujana Peramuna (SLPP) Parliamentarian Namal Rajapaksa.over alleged misappropriation of Rs. 70 million provided by Krrish Company for development of rugby in Sri Lanka.

 

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