UNP demands immediate release of overdue EPF annual accounts

Monday, 9 January 2012 00:00 - - {{hitsCtrl.values.hits}}

The UNP yesterday demanded that the annual accounts of the Employment Provident Fund for 2010 be immediately released.

“The Government has no moral right to bring an amendment to the EPF Act not having submitted its accounts since 2009 and dodged the numerous questions on its questionable investments in the Colombo Stock Exchange,” UNP MP Dr. Harsha de Silva said in a statement.

“The Central Bank as the trustee of the trillion rupee fund belonging to millions of private sector employees is by law obliged to present its accounts including its investment accounts to the Minister within three months after the end of the year,” he added.

According to UNP MP, upon completion of the audit by the Auditor General, the Minister is legally bound to present the accounts to Parliament wherein the relevant officials can thereafter be summoned to Parliament to answer questions on the said accounts.

It is unacceptable that even though 12 months have passed, the 2010 accounts of the EPF have not been submitted to Parliament and no questions on its investments have been answered. The people have a right to know the status of their savings, particularly now as the Government is attempting to amend the Act to once again bring in the controversial pension plan and to take billions to construct a 30-storey headquarters building.

“The Government cannot be allowed to delay the submission of accounts to Parliament any longer. They must submit the accounts immediately and get ready to answer the allegations of bad governance of the fund and alleged market manipulation by the Governor downwards,” Dr. De Silva said.