News
Sumanthiran asks why CB not publishing annual reports on timely basis
presents private member’s Bill to amend EPF law
Tamil National Alliance (TNA) MP M.A. Sumanthiran presented a private member’s Bill to the Bills Office to amend the Employee Provident Fund Act No. 15 of 1958 (as amended) this week.
He said that his Bill comes at a time when the country needs to seriously undertake economic reform. Part of that economic reform is the independence of the CBSL but also accountability of CBSL, he said.
Given below is the TNA MP’s statement on his Bill:
“The EPF is Sri Lanka’s largest fund, and all private sector (formal) workers are mandated to keep their retirement funds in the EPF. The EPF fund is managed by the Central Bank of Sri Lanka. As of 2019, there are 19.4 million accounts with the EPF, almost as many as the entire population of this country. Currently, even after an 80% depreciation of the Sri Lankan rupee, the EPF should be holding close to USD 10 billion in retirement savings of the hardworking Sri Lankan people. That is around 3.5 trillion rupees, in my estimate.
“More than the entire expected revenue of the government, for 2023. I don’t have precise figures, and must resort to estimates, because the EPF has been extremely irresponsible in publishing even its annual reports. Until November, the latest annual report available was for 2016. After we brought up this issue, during the Budget debates, they suddenly published the annual reports up to 2019. Why is the Central Bank not capable of publishing the annual reports, on a timely basis?
“Does this institution have the kind of management and accountability that people can trust? The Bond Scam from 2015 where the company Perpetual Treasuries, connected to the then Central Bank governor, bought a series of bonds, at low prices, allegedly using insider information, and then allegedly dumped these bonds on the EPF. As a result of the bond scam, forensic audits were ordered and the published forensic audits, in 2019, revealed that the EPF is exploited for private profit and manipulation of the bond market and share market to the detriment of Sri Lankan workers.
“The EPF Act, in its current form, requires that under section 5 (1) (h) the Monetary Board must provide, each year, information on each investment that it has made. This is to be done yearly and shared with the Minister, through the annual report. Not only has the EPF management (the Central Bank) failed to do that, it has refused to comply with RTI requests, even after the RTI Commission has had held that it should disclose information.
This Act is to increase the frequency of disclosure and add more clarity to the disclosures that will be required from the EPF, since it is presently not complying with the existing laws. Therefore, the amendment seeks to give clear requirements for (a) timely and regular disclosure; and (b) ensuring that the content disclosed provides sufficient information on the EPF to ensure accountability of the fund and safeguard the savings of workers. This amendment seeks to mandate better disclosure of information through the annual report (Section 5(1)(i)) and information on each purchase and sale of bonds/assets by the EPF (Section 5 (1)(h)) from an accountability perspective.”
News
US sports envoys to Lanka to champion youth development
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.”
News
Rahuman questions sudden cancellation of leave of CEB employees
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.
News
CIPM successfully concludes 8th Annual Symposium
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.