Reformists Rule

The Chamber believes that the re-introduction of private sector managed schemes would increase the benefits to its stakeholders and the capital market. rn

rnSome private sector officials say that allowing private sector participation would introduce competition to the two government sector funds, which would lead to better returns and management of funds. rn

rnAs an initial measure the Chamber is requesting authorities to permit the Mercantile Services Society endash a private provident fund, to admit new member firms from the private sector. rn

rnThe Chamber is also proposing that the Employees Provident Fund and the Employees Trust fund utilise the services of reputed private sector fund managers to manage benchmark portfolios. rn

rnAs a follow-up measure the Chamber is pushing for the removal of legislative barriers that hinder private sector participation in pension/provision/gratuity fund management.rn

rnIn addition, calls are also made for a supervisory authority to oversee private sector par