Cabinet approves new EPF Management System

Wednesday, 12 February 2025 00:16 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers on Sunday approved proceeding with the selection of an integrator to implement a new Employee Provident Fund (EPF) Management System to improve efficiency in handling country’s largest pension fund.

The move comes as the fund continues to expand, managing 21.5 million member accounts and overseeing contributions from 77,000 active employers. “This major technological upgrade is a part of a modernisation drive backed by the World Bank.

The upgrade is expected to boost operational efficiency, improve data security and streamline fund management, ensuring more reliable service for millions of EPF members,” Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said yesterday.

Addressing the weekly post-Cabinet meeting media briefing, he disclosed that as of October 2024, the EPF’s total assets reached Rs. 4.2 trillion with a steady annual growth rate of 9% in its assets.

“This expansion has highlighted the pressing need for a robust IT system capable of handling large-scale transactions and managing vast amounts of financial data efficiently,” he added.

He noted that a project was commissioned in the year 2021 under the Financial Sector Modernisation Project of the World Bank Group for the creation of a new Employee Provident Fund Management System, and the planning and preparation of required specifications under the consultation of PricewaterhouseCoopers Ltd. in India have been completed.

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