HOME

Millions lie inactive in EPF due to lack of details

Failure to provide accurate details had hampered the process of re-registering hundreds of members of the Employees Provident Fund whose deposits running into millions of rupees are lying inactive in the Central Bank, Superintendent of EPF L. Y. Dharmasena said yesterday.

Failure to provide the full name, postal address, previous employer, addresses and National Identity Card numbers by hundreds of EPF members had made re-registering of Rs 9.3 million lying to these members’ credit in the Central Bank, impossible, he said.

"This has prevented us from forwarding the yearly statements to them despite their long years of service," he said.

Dharmasena said that there are 2.1 million members in the EPF and their contributions stand at Rs 580 billion for which an annual interest of 11.2 per cent was paid last year.

Failure to provide the name and address of the previous employer prevents the EPF division from amalgamating the current deposits with the past and the member stands to lose at the time of retirement. Other details are equally important, Dharmasena said.

The re-registration is currently being done by the Central Bank and the EPF division of the Department of Labour and is expected to be completed by the end of the year.


Google
www island.lk


Copyright©Upali Newspapers Limited.


Hosted by

 

Upali Newspapers Limited, 223, Bloemendhal Road, Colombo 13, Sri Lanka, Tel +940112497500