Sri Lanka's EPF members to be allowed to withdraw 30% of their account for housing and medical requirements

The members of Sri Lanka's largest social security scheme, Employees' Provident Fund will soon be able to withdraw 30% of their account for housing and medical requirements
.The Cabinet of Ministers has granted approval to amend the Employee's Provident Fund Act to allow this facility.
Approval has been granted to publish the Amending Bill in the Gazette and to present it in Parliament for approval, subject to the stipulations made by the General Treasury.

Accordingly, all the members of the EPF will be benefitted to withdraw 30% out of their EPF balance remaining at the time of withdrawal, even before they reach the retirement age of 55 years.

This money can be used to construct a house, purchase a land to build a house or to purchase a house, to be invested on redemption of a mortgage on housing property or to settle a loan borrowed from an approved Bank.

The EPF member will also be able to withdraw money for medical treatment such as heart surgery, by-pass surgery, cancer treatment, kidney transplant, cesarean operation or for any other hospitalization.