UNP urges COPA to summon CB, Labour Ministry officials over EPF

The United National Party (UNP) yesterday submitted a request to the Committee on Public Accounts (COPA) to urgently summon all officials of the Central Bank and Labour Ministry to answer questions on the management and performance of Employees Provident Fund (EPF).

This request was officially made by UNP MP and Consultant Economist Dr. Harsha de Silva to COPA Chairman and Senior Minister on International Cooperation Dr. Sarath Amunugama.

The UNP’s move is to get clear answers from CB, EPF and Labour Ministry officials on the management of EPF since 2005.

 The EPF is the country’s largest fund now worth over Rs. 1 trillion and the UNP has criticised select investments by the EPF in commercial banks and other ventures.

Separately, at the Finance Consultative Committee of the Parliament, the failure by the Government to present the 2010 accounts of the EPF also came under criticism by the UNP. The meeting chaired by Dr. Amunugama in place of President and Finance Minister Rajapaksa comprised several Ministers including Basil Rajapaksa, Government and Opposition MPs as well as Secretary to the Treasury and Central Bank Governor Nivard Cabraal.

Originally it was claimed that the EPF Annual Report was the Labour Ministry’s responsibility, after which Dr. De Silva had read the EPF Act which casts responsibility on the Central Bank and revealed the fact that the 2009 Report was signed by Central Bank Governor.

Thereafter Government representatives had said accounts were with Auditor General’s Department and admitted the delay. However, it was stressed that unlike in the past, public accounts of State entities were being released earlier rather than later.

The UNP, whilst welcoming the latter, stressed that without presenting audited accounts of EPF, the Government shouldn’t proceed with the bill to bring in amendments to the EPF Act. Dr. De Silva and colleague MP Eran Wickramaratne had also called for better governance in the affairs of the EPF, especially when it comes to its investment in listed equities.