Amendments to Sri Lanka's retirement fund for the benefit of the employees

A draft bill has been now tabled in the parliament to enable the members of the Employees' Provident Fund of Sri Lanka to withdraw 30% of the assets for medical treatment or to build a house.

According to the draft bill of Employees' Provident Fund (Amendment) Act, an already employed member of the fund with more than 10 years membership can withdraw 30% of the account if the balance is over Rs. 300,000.

A second and final withdrawal of another 30% can be made ten years after the first withdrawal, according to the draft bill for the same purposes.

The EPF is the largest Social Security Scheme in Sri Lanka with an asset base of Rs.769.3 billion as at December 2009.

The Act defines the types of needs of housing and illnesses for which the withdrawals will be approved.

Minister of Labor Gamini Lokuge tabled the bill in the parliament.