EPF vs Pension for Private Sector - Deputy Minister Clarifies

Deputy Minister of Labour Mahinda Jayasinghe has stated that the government is actively considering the introduction of a pension scheme for employees in the private and semi-government sectors.

He made these remarks while speaking in Parliament on Friday (23).

Clarifying his earlier comments, the Deputy Minister explained that he had only distinguished between the Employees’ Provident Fund (EPF) and the Employees’ Trust Fund (ETF), and emphasized that he never suggested the EPF would be converted into a pension scheme.

“My statement was misinterpreted. The EPF exists for social security purposes. Our focus is on providing a pension for the private and semi-government sectors. I did not say that the EPF fund would be converted into a pension” he said.