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Eran slams SLPP over move to impose 25% tax on EPF profits
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.
The U.S. Embassy in Colombo welcomed the U.S. Sports Envoys to Sri Lanka, former National Basketball Association (NBA) and Women’s National Basketball Association (WNBA) players Stephen Howard and Astou Ndiaye, from June 8 through 14.
The Public Diplomacy section of the U.S. Embassy said that it would launch a weeklong basketball program intended to harness the unifying power of sports, made possible through collaboration with Foundation of Goodness and IImpact Hoop Lab.
While in Sri Lanka, Howard and Ndiaye, both retired professional basketball players, will conduct a weeklong program, Hoops for Hope: Bridging Borders through Basketball. The Sports Envoys will lead basketball clinics and exhibition matches and engage in leadership sessions in Colombo and Southern Province for youth aged 14-18 from Northern, Uva, Eastern and Western Provinces, offering skills and leadership training both on and off the court. The U.S. Envoys will also share their expertise with the Sri Lanka Basketball Federation, national coaches, and players, furthering the development of basketball in the country. Beyond the clinics, they will collaborate with Sri Lankan schoolchildren to take part in a community service project in the Colombo area.
“We are so proud to welcome Stephen and Astou as our Sports Envoys to Sri Lanka, to build on the strong people-to-people connections between the United States and Sri Lanka,” said U.S. Ambassador Julie Chung. “The lessons that will be shared by our Sports Envoys – communication, teamwork, resilience, inclusion, and conflict resolution – are essential for leadership development, community building, equality, and peace. The U.S. Sports Envoy program is a testament to our belief that sports can be a powerful tool in promoting peace and unity.”
SJB Colombo District MP Mujibur Rahuman in parliament demanded to know from the government the reasons for CEB suspending the leave of all its employees until further notice from Thursday.
MP Rahuman said that the CEB has got an acting General Manager anew and the latter yesterday morning issued a circular suspending leave of all CEB employees with immediate effect until further notice.
“We demand that Minister Kanchana Wijesekera should explain this to the House. This circular was issued while this debate on the new Electricity Amendment Bill was pending. There are many who oppose this Bill. The Minister must tell parliament the reason for the urge to cancel the leave of CEB employees,” the MP said.However, Speaker Mahinda Yapa Abeywardena prevented Minister Wijesekera responding to the query and said that the matter raised by MP Rahuman was not relevant.
The Chartered Institute of Personnel Management (CIPM) successfully concluded the 8th Annual CIPM Symposium, which took place on 31st May 2024. Themed “Nurturing the Human Element—Redefining HRM in a Rapidly Changing World,” the symposium underscored the pivotal role of human resource management (HRM) in today’s dynamic global landscape. Since its inception in 1959, CIPM has been dedicated to advancing the HR profession through education, professional development, and advocacy, solidifying its position as Sri Lanka’s leading professional body for HRM.
Ken Vijayakumar, the President of the CIPM, graced the occasion as the chief guest. The symposium commenced with the welcome address by the Chairperson, Prof. Arosha Adikaram, followed by the Web Launch of the Symposium Proceedings and Abstract Book by the CIPM President. The event featured distinguished addresses, including a speech by Chief Guest Ken Vijayakumar, President of CIPM, and an address by Guest of Honor Shakthi Ranatunga, Chief Operating Officer of MAS Holdings Pvt. Ltd., Sri Lanka.
The symposium also featured an inspiring keynote address by Prof. Mario Fernando, Professor of Management and Director of the Centre for Cross Cultural Management (CCCM) at the University of Wollongong, Australia.
Vote of Thanks of the inauguration session was delivered by Dr. Dillanjani Weeratunga, Symposium Co-chair.
The symposium served as a comprehensive platform for researchers to present their findings across a wide range of critical topics in HRM. These included Cultural Diversity and Inclusion, Talent Development and Retention, Ethical Leadership and Corporate Social Responsibility, Adapting to Technological Advancements, Mental Health and Well-being at Work, Global Workforce Challenges, Employee Empowerment, and Reskilling and Upskilling.
The plenary session was led by Prof. Wasantha Rajapakse. Certificates were awarded to the best paper presenters during the valedictory session, followed by a vote of thanks delivered by Kamani Perera, Manager of Research and Development.
The annual symposium of CIPM was a truly inclusive event, attracting a diverse audience that spanned undergraduates, graduates, working professionals, research scholars and lecturers. This widespread interest highlights the symposium’s significance in the field of HRM, offering a unique opportunity for everyone to network and learn from scholarly brains.The CIPM International Research Symposium was sponsored by Hambantota International Port, Sri Lanka Institute of Information Technology (SLIIT), E B Creasy & Co. PLC, and Print Xcel Company.
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
