EPF Act to be amended to allow withdrawal of 30%

Wednesday, 23 February 2022 03:55 - - {{hitsCtrl.values.hits}}

Labour Minister Nimal Siripala de Silva said the Employees Provident Fund Act will be amended to allow beneficiaries to obtain 30% of the fund according to their needs.

The Minister made these remarks at the monthly meeting of the Labour Advisory Council held on Monday.

At present, only 30% of the provident fund beneficiaries’ have been released for housing or related treatment or for medical treatment.

It was pointed out that due to complexity in regulations, the applicants had to submit a number of special documents to obtain the funds, whilst various corruptions, irregularities and fraudulent activities were reported.

The Minister said that these amendments are being brought with the aim of reducing expenditure.

Accordingly, in the future, members of the Employees Provident Fund (EPF) will be able to easily obtain 30% of their funds from the fund for any of their needs, the Minister said.

He also said the members who have over Rs. 300,000 in balances credited to the EPF for 10 consecutive years, will be able to avail these 30% pre-benefits.

The Labour Minister requested the trade union leaders representing the trade unions of the National Labour Advisory Council to submit any other proposals that should be included in the amendment.

The Department of Labour pointed out that after this amendment, the EPF will also have the opportunity to receive a 30% pre-benefit for their children’s education, child marriages, home repairs and vehicle purchases.