The government is attempting to plunder the Employees’ Provident Fund (EPF) to salvage the already broken down share market in Sri Lanka says the President of Inter Company Employees Union (ICEU) Wasantha Samarasinghe. He states the government is attempting to present a ‘white paper’ to invest money from the EPF in the share market.
Mr Samarasinghe revealed this at a press conference held at Centre for Society and Religion at Maradana yesterday (13th).
The investments in the share market from the EPF is limited to 5% but the government attempts to withdraw this limit through this paper states Mr Samarasinghe.
He said Ranil – Maithri regime has pawned the EPF again to apply for a loan of US$300 million, the agreement was signed in 2016 and already US$25 million had been obtained.
As a result of this move the loss the EPF would incur would be Rs. 22000 million pointed out Com. Samarasinghe