The Government despite the war would help public and private sector employees with a fair salary increase.

Workers must retain their jobs instead of asking for salary or wage increases. The global oil prices are beginning to lower while 50 per cent of the Government budget was spent on payment of salaries to public servants, Labour Relations and Manpower Minister Athauda Seneviratne said at a media conference on changes made to the Employees Provident Fund (EFP) at the Labour Ministry auditorium yesterday.

The Central Bank in collaboration with the Ministry of Labour and Manpower, has introduced a new investment scheme for Employees Provident Fund (EPF) members to enable them to deposit their money in Treasury Bills which would invest the money and pay a fair interest to the member.

The scheme came into effect from yesterday (29). The Central Bank assured that the deposits placed in Treasury Bills would be safer. The investor would be able to get his or her interest monthly, bi-annually and annually, Minister Athauda Seneviratne said.

Minister Seneviratne said that depositing EPF funds in individual accounts in Treasury Bills was extremely important because the Government would ensure that the money in individual accounts of Treasury Bills was the safest way. EPF members would have the option to withdraw their EPF savings at the age of 55, or deposit the savings in the Treasury Bills as an investment. The EPF member would be able to get a higher interest from Treasury Bills monthly, bi-annually or annually.

Central Bank’s Deputy Governor, W. L. Wijewardena said that re-depositing EPF savings in Treasury Bills was of great benefit to EPF members as they would be able to get good dividends and a 100 per cent safety of their deposits. All EPF members would also be able to withdraw 30 per cent of their EPF savings shortly. The new scheme would come into from next year. Under this scheme, any EPF holder could withdraw 30 per cent of his or her savings.

The National Identity Card number would be the person’s EPF number in future and any business enterprise with 150 employees would be able to receive accurate information electronically of EPF details of its members.