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Two petitions were filed before the Supreme Court this afternoon (28 July), seeking an order deeming the decision to reduce the interest rates paid when investing the funds of Employees Provident Fund (EPF) in treasury bills and bonds to 9% a violation of fundamental rights.
The Supreme Court has ordered the petition filed seeking an order preventing the government from waiving off the loans obtained from the Employees Provident Fund (EPF) and Employees Trust Fund (ETF), during the Domestic Debt Optimization (DDO) process to be recalled on August 27 for consideration.
[…]The post Speeding Up Recovery Requires Consistency appeared first on Colombo Telegraph.
ECONOMYNEXT –Sri Lanka’s main opposition party the Samagi Jana Balawegaya (SJB) will present an amendment to the Employees’ Provident Fund (EPF) Act to ensure an equitable treatment in restructuring domestic debt, an SJB legislator said. MP Harsha de Silva told reporters on Wednesday July 12
The petition filed seeking an order preventing the government from waiving off the loans obtained from the Employees Provident Fund (EPF) and Employees Trust Fund (ETF), during the domestic debt optimization (DDO) process is due to be heard on 27 July.
The Sectoral Oversight Committee on Foreign Employment and Labour has revealed that several plantation companies have defaulted on Employees Provident Fund (EPF) payments and have huge arrears to the EPF.
[…]The post The International Priority To Be Heeded appeared first on Colombo Telegraph.
[…]The post Domestic Debt Restructuring: An Episode In Capital’s Attack On Working People appeared first on Colombo Telegraph.
[…]The post The Misunderstood Taxation Of EPF & Other Superannuation Funds appeared first on Colombo Telegraph.
When the five days long stretch of holidays ended last week and the Colombo bourse reopened for trading on Tuesday, the market surged 6.71 percent (633.69 points up) on the broad All Share Price Index (ASPI) while the Standard and Poor SL 20 index covering the 20 largest and more liquid companies quoted on the […]
By Rathindra Kuruwita Unless Sri Lanka addressed its governance issues, the country would have to restructure its debt again like most countries that had unsustainable levels of corruption, Executive Director of Verité Research Nishan de Mel said in a recent televised interview. Dr. De Mel said that as the government had decided to pay the […]
The Sri Lanka Banks’ Association has emphasized that by optimizing domestic debt, the hard-earned funds of the working people in the country will be safeguarded from potential losses. During an interview on the ‘101 Katha’ program,produced by the Presidential Media Division, Russel Fonseka, the Chief Executive Officer of the Bank of Ceylon and a member […]
By Saman Indrajith The Employees’ Provident Fund (EPF) would suffer a loss of Rs 12 trillion owing to the government’s domestic debt restructuring programme, Opposition and SJB leader Sajith Premadasa told Parliament yesterday. Premadasa said that the independent think tank, Verite Research
[…]The post Involuntary & Inequitable DDO appeared first on Colombo Telegraph.
[…]The post Non-Recurrence Requires Accountability appeared first on Colombo Telegraph.
Parliament disregarded COPE recommendation for PSC By Shamindra Ferdinando Eksath Janaraja Peramuna (EJP) leader and SJB MP Patali Champika Ranawaka, MP, has called for the setting up of a special commission to investigate those who bankrupted the economy. Ranawaka said that those who had served as Finance Ministers, Governors of the Central Bank and members of the […]
by Jehan Perera President Ranil Wickremesinghe notched up another achievement when Parliament ratified the Domestic Debt Restructuring (DDR) programme with a majority of 60 votes, with 122 members voting for and 62 against, with 40 abstentions. Parliamentarians who would need to think about their re-election prospects would have been reluctant to vote for a programme […]
By N Sathiya Moorthy In his Hajj message last week, President Ranil Wickremesinghe called upon all Sri Lankans to remain ‘united in a common cause to achieve our domestic, regional and global goals’. Yet, a day later, his leadership was seen as having split the political Opposition over the domestic debt restructuring issue in Parliament, indicating […]
By Shamindra Ferdinando Dissident SLPP MP Gevindu Cumaratunga has strongly opposed the government move to place the debt-restructuring programme under President Ranil Wickremesinghe’s control as the latter does not represent Parliament. Addressing Parliament on Saturday (01), the leader of civil society group ‘Yuthukama’ pointed out that the Resolution on the Domestic Debt Optimisation (DDO) was [...
frowns on privileged status to wealthy investors, bid to restore dissolved LG bodies By Shamindra Ferdinando Top Opposition Spokesman Prof. G. L. Peiris yesterday (02) demanded that the government cancel, what he called, the deeply flawed ‘Aswesuma’ social security project, to pave the way for a fresh scheme. Addressing the media at the Nawala Office […]
about burden falling on superannuation funds esp #EPF without […]
සේවක අර්ථ සාධක අරමුදල, සේවක භාරකාර අරමුදල සහ බැංකු ක්ෂේත්රය සුරක්ෂිත බවට සහතික වූ අග්රාමාත්ය දිනේෂ් ගුණවර්ධන මහතා ජූලි පළමු වෙනිදාට යෙදෙන මහජන බැංකුවේ උපන් දිනයට අද පාර්ලිමේන්තුවේදී සුබ පැතුම්The post සේවක අරමුදල් හා බැංකු ක්ෂේත්රය සුරක්ෂිත බවට අගමැති සහතික වෙයි appeared first on ITN News.
Sri Lankan state can’t allow even a small bank to collapse because that will trigger a bank run with a devastating impact on the economy. Governor of the Central Bank of Sri Lanka CBSL) Dr. Nandalal Weerasinghe said, on Thursday night, taking part in a televised discussion. Dr. Weerasinghe said that Domestic Debt Restructuring (DDR) […]
By Saman Indrajith Most opposition political parties yesterday vowed to defeat the government’s proposed debt restructuring plan when Parliament convenes today at 9.30 a.m.Secretary General of the Parliament, Kushani Rohanadeera said she informed all Members about the meeting, according to the instructions of Speaker Mahinda Yapa Abeywardena. The Speaker has also issued a Gazette Extraordinary [&#...
Banks, which pay taxes over 50%, least affected By Sanath Nanayakkare If the Employees’ Provident Fund (EPF) and other pension funds did not wish to participate in the proposed domestic debt restructuring process, there will be an application of higher annual income tax of 30%, Central Bank
දේශීය ණය ප්රශස්තකරණයේ දී දැනටමත් 50%කට වැඩි බදු මගින් භාණ්ඩාගාරයට සහ ආර්ථිකයට දායක වන බැංකු පද්ධතිය මත තවදුරටත් බරක් පටවන්නේ නැති බවත් මිලියන 57ක් වන මෙරට රාජ්ය සහ පෞද්ගලික බැංකුThe post මිලියන 57ක මෙරට බැංකු තැන්පතු ආරක්ෂා කරන බවට මහ බැංකු අධිපතිගෙන් සහතිකයක් appeared first on ITN News.
The Committee on Public Finance (COPF) is scheduled to meet officials from commercial banks, the Employees Provident Fund (EPF) and other relevant institutions for the second session of discussions on the proposed domestic debt restructuring process today (29 June).
Central Bank governor says the 9% interest paid on the Employee Provident Fund (EPF) deposits will not be affected by the domestic debt restructuring (DDR) process.
President Ranil Wickremesinghe assured that the restructuring of domestic debt will have no impact on the membership balance of any public funds, including the Employees’ Provident Fund (EPF). He emphasized that the rate of return for superannuation funds will not be affected
A Fundamental Rights (FR) petition has been filed before the Supreme Court seeking an order preventing the government from waiving off the loans obtained from the Employees Provident Fund (EPF) and Employees Trust Fund (ETF), during the domestic debt restructuring process.