The two state pension funds, the EPF and the ETF are going to be merged next year in a bid to draw on synergies between the two.
A consultant is expected to be appointed by the end of this month to look at how best to merge the funds that together will manage over Rs. 320 bn.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
rnDeputy governor of the Central Bank W. A. Wijewardene told LBR that the merger while exploiting synergies between the two institutions would also help employers by simplifying procedures when dealing with the institutions.rn
rnThe Employees Provident Fund under the Central Bank manages around Rs.