June 02, 2012 (LBO) – Sri Lanka’s Employees’ Provident Fund, a retirement fund of private citizens managed by the state, has explained how overdue contributions from employers are credited to member accounts. The statement was in reference to reports that 3.4 billion rupees, recovered from employers by Sri Lanka’s Commissioner of Labour has not been credit to member accounts.
The EPF said when money is collected from employers through legal action, courts may give time from between 5 to 10 years to settle the dues.
The moneys are kept at separate accounts and invested till the entire amount is collected and then credited member accounts under the provisions of the EPF law.
When employers do not make the correct contributions, such moneys are also credited to an ‘Under-payment and Over-payment Account’ until the errors are rectified.
The EPF said so far 650 million rupees from the account of the Commissioner of Labour and 240 million rupees in the underpayment account has been credit to member accounts.
The remaining amounts will also be credit under the EPF law, the fund said.