Sri Lanka's Marxist party accuses government of trying to utilize ETF monies under the guise of a pension scheme

Sri Lanka's Marxist party, Janatha Vimukthi Peramuna (JVP) has said the government was trying to utilize monies in the Employees Trust Fund (ETF) under the guise of implementing a pension scheme for the private sector workers.


JVP Propaganda Secretary and parliamentarian Vijitha Herath has the proposed bill that sought contributions from employees and employers, was an inhumane piece of legislation to be introduced in recent time.

According to Herath, the government's proposed Rs. 1 billion to the Fund as initial capital would not be a contribution by the government but a loan.

He has observed that the loan would have to be repaid with accrued interest by the employer-employee contributions to the fund.

Meanwhile, 10% of the revenue from the ETF investments is to also be transferred to the proposed scheme.

"The present law has placed certain restrictions on the investment of ETF money in various projects. The government has sought to remove these restrictions when enacting the new bill," Herath has added.

Herath called on the working masses to unite regardless of party affiliations and agitate against the proposed pension bill.