The Sectoral Oversight Committee on Foreign Employment and Labour has instructed an official representing the Central Bank to submit a report on the institutions in which money pertaining to the Employees Provident Fund (EPF) has been invested.

This directive was given at the Sectoral Oversight Committee on Foreign Employment and Labour held recently in Parliament under the chairmanship of Hector Appuhamy.

Accordingly, the Chair instructed that a report – including the money collected and invested, the losses and profits made, the institutions in which the money pertaining to the EPF has been invested, and the way in which such investments have been made within the last 10 years – be submitted to the committee within two weeks.

The Committee Chair stated that as this is the people’s money, a smooth and more efficient process must be established which will benefit those who wish to claim their EPF post-retirement without any hassle. Accordingly, the committee decided to call experts related to the subject to decide on a better mechanism and a way forward.

The committee expressed their disappointment given the delays that occur when depositing the EPF to its respective applicants. While acknowledging the necessity for a central database to make the process smooth, the Department of Labour disclosed that certain government institutions and Regional Plantation Companies have failed to pay the due EPF and have not been held to account.

Accordingly, the Sectoral Oversight Committee on Foreign Employment and Labour instructed that Government institutions and Regional Plantation Companies responsible be called before the committee to further look into the matter.

The committee also met recently for the second consecutive date. Here, the National Institute of Labour Studies submitted its Annual Report for the year 2020 to the Committee Chair.

Committee members Dilan Perera, Faizal Cassim, Milan Jayathilake, Samanpriya Herath and Members of Parliament Dr. V. Radhakrishnan, M. Udayakumar, K. Sujith Sanjaya Perera, Vadivel Suresh, and Velu Kumar were present at the committee meeting held.