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