Cabinet Approves Amendments to Modernize Sri Lanka’s EPF Act

Sri Lanka’s Cabinet of Ministers has approved a proposal to instruct the Legal Draftsman to draft legislation amending the Employees Provident Fund (EPF) Act No. 15 of 1958.

The proposed revision aims to modernize the original framework in response to contemporary social, economic, and technological changes, reducing operational bottlenecks and delivering a more efficient service to members.

The new draft bill will be finalized by the Legal Draftsman following a preliminary draft prepared by the Department of Labour in consultation with proposals from the Central Bank of Sri Lanka.

Introduced to provide social security for private and semi-public sector workers non-entitled to pensions, the fund’s administrative functions are overseen by the Commissioner General of Labour, with the Monetary Board of the Central Bank of Sri Lanka acting as trustee.