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Don’t encourage EPF members to utilize holdings for current expenditure: CFL
The Ceylon Federation of Labour (CFL) has lodged its objections with Labour Minister Nimal Siripala de Silva over the proposed ‘mild’ amendments to the EPF Act urging that the EPF, being the sole retirement benefit available to private sector “is best treated as a closed scheme and workers encouraged to avoid using moneys lying to their credit for current expenditure.”
CFL General Secretary TMM Rasooldeen in a letter to the minister has pointed out that the proposed amendment “cut across the original objective of the Act which was to provide a tax free benefit to individual members on retirement.”
We understand the reasons you mention for reviewing the pre-retirement benefits but we believe your proposal to completely unlock the Fund works against its very viability, he has said.
In 2010 when the then minister proposed that members be allowed to draw on their EPF balances for medical expenses, the CFL declined to support it “as it overlapped with medical facilities provided by the Employees Trust Fund (ETF) unnecessarily draining member balances available at retirement.”
They suggested instead that the ETF widens the scope of its medical benefits to include the EPF as well.
Rasooldeen said the proposed amendment seeks to allow members with Rs.300,000 or more contributions to their credit over a ten year period to withdraw up to 30% of it for undefined purposes. Saying the EPF as a retirement fund earlier permitted withdrawals for housing purposes considered an investment. But the track record of the EPF Housing Loan Scheme with its 40% default rate suggests even this to have been a failure.
“Since the fund balance of the member is offered as a guarantee to banks and released to cover defaults, it affects member balances in the long term. The CFL has always felt that the pressure to withdraw funds prior to retirement should be resisted by authorities,” he stressed.
“As an organization that stands for secure and strong social protection coverage for workers, we feel the proposed ‘open sesame’ amendment will render a death blow to its already fragile structure. We decline to support them as we are not convinced that they serve the best interests of member-owners of the EPF,” Rasooldeen said..
“Apart from the Parliament of Sri Lanka, it is the owner-members of EPF who have the right to suggest changes to the original objectives of the Fund. The EPF Act does not envisage a role for trade unions. Therefore, it is our firm belief that trade unions in the NLAC (National Labour Advisory Committee) are ill suited to decide on the matter.
“We suggest that a way be found to constructively engage the main stakeholders before effecting the proposed changes to which we object to. We trust you will no doubt appreciate that unions in the NLAC cannot act as proxies to the over 2.5 million who are the owners of the fund.”
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
