EPF embarks on diversification to boost returns

Thursday, 11 January 2024 02:03 - - {{hitsCtrl.values.hits}}

The Central Bank outlined yesterday that the Employees’ Provident Fund (EPF) is set to explore methods for diversifying its investment portfolio.

The objective is to generate a higher risk-adjusted rate of return while ensuring the overall safety of the overall fund.

“As Sri Lanka’s largest superannuation fund, with the Central Bank of Sri Lanka as its custodian, the EPF showcased resilient financial performance throughout 2023, navigating challenges such as economic uncertainties and the impact of the DDO operation,” the Central Bank Governor Dr. Nandalal Weerasinghe said unveiling the ‘Annual Policy Statement 2024’ yesterday. The fund effectively carried out the provision and facilitation of refund payments, member-related services and various other services despite the obstacles.

Looking ahead, the EPF focuses on improving operational efficiency to deliver efficient and effective services to its stakeholders.

A key initiative involves implementing of a near-paperless operating system equipped with real-time document scanning to enhance service quality.

Additionally, efforts to strengthen the electronic collection procedure, providing multiple payment avenues for employers, will continue to offer flexibility.

He said a comprehensive Information and Communication Technology (ICT) solution is on the horizon for the EPF to re-engineer and modernise the existing process.

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