Pensions Wedding

From left: Dr. Fernando Im, Senior Country Economist for Sri Lanka and the Maldives, The World Bank, Hon. Eran Wickramaratne, State Minister, Ministry of Finance and Mass Media, Dr. W A Wijewardana, Former Deputy Governor of the Central Bank of Sri Lanka, Prof. Indralal de Silva, Former (Chair) of Demography, University of Colombo, Prof. Amala de Silva, Department of Economics, University of Colombo at the panel discussion on "Demographic Change in Sri Lanka" moderated by Dr. Ramani Gunatilaka, International Centre for Ethnic Studies.

An international consultant is going to help the government to merge the two State pension funds in a bid to draw on the synergies between the two.
UK based economic consultancy, Maxwell Stamp has been chosen as the consultant and is already studying how best to merge the funds.rn

rnThey are expected to submit a final report by March next year.rn

rnThe combined EPF and ETF would control around Rs. 320 billion in retirement money. rn

rnThe World Bank is funding the cost of the consultancy study.rn

rnThe consultant will be expected to draft a new law under which the merged Superannuation Fund will operate while looking at ways in which the administration and accounting of the two funds can be merged.rn

rnExpertise will also be sought from the consultant on how best to offer a voluntary retirement package to the excess staff once the merger is finalised.rn

rnThe Employees Provident Fund (EPF) under the Central Bank manages around Rs. 280 billion while the employees Trust Fund under the Labor M