A pension scheme through the fund on the cards
Posted on November 5th, 2015

Courtesy The Daily Mirror

Prime Minister Ranil Wickremesinghe presenting the Government’s mid-term economic plan in Parliament today announced major changes to be introduced to the social security sector under which the Employees Provident Fund (EPF) and the Employees Trust Fund (ETF) would be amalgamated to set up a new National Retirement Gratuity Fund and to introduce a new pension scheme.

The Prime Minister assured that trade unions too will be given a role in controlling these funds as well.

Pledging that it would build a third generation economy in the coming years, the Government announced key changes in the economic sector aimed at realizing these goals. Prime Minister Wickremesinghe said that changes would be made to the tax policy which would focus on earning 60 per cent of revenue from indirect taxes and the rest through direct taxes. This is different to the present policy of earning 80 per cent of the revenue from indirect taxes and the rest from direct taxes.

It was also announced that the one off tax, import tax on text books and sports goods would be removed. All Sri Lankan expatriate workers will be exempted of all taxes.

It was also announced that those living in government houses on rent for more than ten years and those living in line rooms would be given ownership.

With regard to national entrepreneurship, it was announced that a system similar to that adopted in Singapore would be introduced and an institution would be introduced in this regard, the Prime Minister pledged.

Meanwhile several new institutions such as a National Development Agency to handle development projects, International Trade Agency to formulate international trade and a Competitive Tribunal aimed at controlling monopolies in the financial markets will be set up. A special BOI for the SMEs will also be set up.

In addition, agriculture insurance agencies where farmers will play a role will also be set up in order to build a stable agriculture sector.

A new Trust termed People’s Wealth Trust will be established to safeguard public wealth and properties.

The Prime Minister said both the state and private sector will play a role in these institutions.

“More than 60 years have passed since we gained independence and we have not been able to build up a country of our dreams and this economic policies are aimed at fulfilling that dream by the time we celebrate 75th year of our independence” he said while assuring that Sri Lanka would become one of the most competitive nations in Asia. (Yohan Perera)

– See more at: http://www.dailymirror.lk/94213/a-pension-scheme-through-the-fund-on-the-cards#sthash.rxBErlAy.dpuf

5 Responses to “A pension scheme through the fund on the cards”

  1. NeelaMahaYoda Says:

    “A pension scheme through the fund on the cards”

    Ha! Ha! Ha1

    This is how they are going to reduce pension payment. If the pension scheme is through the funds, then the pension contribution should come from that fund and the interest received.

    Overall effect will be a drastic reduction of monthly pension payment base on the insignificant accumulation of the funds due to extremely low interest rate prevailing during next 10 years.

  2. Lorenzo Says:

    Nice cover up.

    Looks like these crooks have ROBBED the EPF and ETF too!! Now no money they are trying to fool pensioners.

    Pensioners and their children should protest against this DAYLIGHT ROBBERY.

    Karunkayya’s budget will be a DISASTER.

  3. Independent Says:

    Lorenzo,
    Pension is not coming from EPF, ETF. We know who robbed EPF I am not allowed to remind too much of that huge fraud here.

  4. Cerberus Says:

    Just as the EPF funds were apparently played out by Shirani Bandaranaiyake’s husband Kariyawasam this time the major crooks in the UNP will probably make the Pension funds disappear. This must be another scam like the Central Bank bond scam which has not been explained nor investigated nor has Arjun Mahendran been removed even though My3 requested RW to do it.

  5. Fran Diaz Says:

    Re the lines : “It was also announced that those living in government houses on rent for more than ten years and those living in line rooms would be given ownership” :

    As far as I know, the MR Govt had already given ownership of line rooms to those living there now. Also, a friend tells me that the rule about ownership of govt houses if rented for more than ten years has been in position for a long time, probably from the 1960s or 70s.

    And it’s not even April Fools Day yet !

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