FINANCIAL CHRONICLE – The cabinet of Sri Lanka has given its approval for the formation of a committee tasked with assessing the viability of consolidating the operations of the Employees’ Provident Fund and the Employees’ Trust Fund under a single tripartite board that includes representatives from the government, employers, and employees, as stated by Minister Nalinda Jayatissa.
Jayatissa emphasized to the media that the implementation of tripartite governance in social security systems is a globally acknowledged best practice and is a core principle endorsed by the International Labour Organization.
The Employees’ Provident Fund, which is a mandatory savings scheme for private sector employees, was established by the Employees’ Provident Fund Act No. 15 of 1958. It currently serves over 2.5 million members and manages assets totaling more than 4.9 trillion rupees.
The central bank oversees the management of the Employees’ Provident Fund, taking charge of asset custody, investment management, financial administration, and the disbursement of benefits to members. Additionally, it handles the registration of both employers and employees, ensures compliance with regulations, recovers overdue payments, and safeguards employee rights under the law.
Meanwhile, the Labour Department is charged with the oversight of the Employees’ Trust Fund, which was established by Act No. 46 of 1980 and operates under a tripartite board that includes representatives from both employers and employees. This fund has over 3 million active members and manages assets exceeding 637.5 billion rupees.
(Colombo/Jun16/2026)
