Budget on Nov 22

EPF Act amendment to grant 30 percent
withdrawals for housing,medical purposes


by Zacki Jabbar


The 2011 budget will be presented in parliament on November 22, this year the government said yesterday.

Media Minister Keheliya Rambukwalle addressing the weekly cabinet press briefing in Colombo,said that the Cabinet had on Wednesday, approved the 2011 Appropriation Bill.

"The 2011 budget will be presented to Parliament on November 22, this year,while the second and third readings have been fixed from November 22 to 27 and November 29 to December 20, 2011 respectively."

A proposal to amend the Employees’ Provident Fund Act No.15 of 1958,he said was also approved by the cabinet of ministers, subject to Treasury stipulations.

Rambukwalle, said that the proposed amendment provides for EPF members to withdraw 30 percent of their balances for housing or medical treatment.

The money can be used to purchase land for building a house, construction of a house, purchase of housing property, redemption of mortgages on housing property and for settlement of outstanding housing loans that had been obtained from an approved bank, he said.

Rambukwalle,said that medical treatment would cover heart surgery,by-pass surgery, cancer treatment, kidney transplants, caesarean operations and hospitalisation for not less than 14 days.

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