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No harm to the EPF – Manusha

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Manusha Nanayakkara, the Minister of Labour and Foreign Employment, confirmed that the existing 9% employee benefit related to the Employee Provident Fund will remain unchanged. 

The Minister also emphasized that taxation is not levied on the funds held by members of the Employees’ Provident Fund. Instead, it is imposed as a percentage of 14 percent on the profits generated from the fund’s investments.

Minister Manusha Nanayakkara made these remarks during his participation in a press conference held today (15) at the Presidential Media Centre, on the theme of ‘Collective Path to a Stable Country.’

Expressing his views further he said; 

In line with agreements made with the International Monetary Fund and our creditors, we have successfully completed the optimization of our foreign debt. However, it is crucial that we also direct our attention towards optimizing our domestic debt.

We initially resorted to foreign loans, recognizing that they are funded by the taxpayers of those respective countries. Unfortunately, our challenges in repaying these loans led us to explore options for local debt optimization. Subsequently, after achieving domestic debt optimization, we are prepared to undertake a restructuring of our foreign debt.

It’s worth noting that a significant portion of Sri Lanka’s loans are sourced from EPF-ETF funds, which has sparked some debate. Some have questioned why domestic credit optimization measures were not applied to banks. The rationale behind this decision is that banks will continue to be subject to a 30 percent tax rate, with no changes in taxation for other primary lenders.

As a government, we have secured approval from both Parliament and the Cabinet and we have made the decision to extend the 9 percent return for another four years. This means that individuals will continue to receive an annual benefit of 9 percent on their savings, without any additional 14 percent or 30 percent taxes. It’s important to clarify some misconceptions on this matter.

The 14 percent tax is exclusively applied to profits earned after investing money in the Employee Provident Fund (EPF), ensuring that individuals with substantial savings in the bank today, such as our 2.4 million workers, will not face any adverse impact. When they are ready to withdraw their savings, they will also receive the annual 9 percent return.

Statements like “EPF/ETF Fund will be in danger unless we restructure domestic debt” are largely rhetorical and lack a substantive plan. We trust that the Central Bank, as the custodian of the Employee Provident Fund, is an independent institution and will not be negatively affected. It’s important to emphasize that decisions regarding the fund will not be made through the Ministry of Labour.

Furthermore, we are planning to implement a digital data system at the beginning of the next year, which will strengthen our migrant labour policy. Additionally, we have completed the groundwork for digitalizing all data systems in the Labour Department and are actively working towards introducing an E-salary system.

(President’s Media Division)

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Lohan Ratwatte transferred to prison hospital 

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Former State Minister Lohan Ratwatte, who was arrested and remanded on charges of using a luxury car illegally imported from abroad and assembled in Sri Lanka, has been transferred to the prison hospital.

He was arrested by Mirihana Police on October 31 in Katugastota, Kandy.

Ratwatte was subsequently produced before the Acting Magistrate of Nugegoda from the Mirihana Police Station, and was ordered to be remanded until November 7.

However, the Acting Magistrate granted permission for Ratwatte to receive treatment at the prison hospital.

Police said that the former state minister was arrested in Kandy over an incident of discovering an unregistered car at his wife’s house in the Mirihana area of Nugegoda.

The car without registered number plates was found on October 26, 2024, according to police.

Police had found the luxury car in question during an inspection carried out based on information received by the police headquarters that there is a luxury car without number plates in a three-storied house in the Embuldeniya area in Mirihana, belonging to Shashi Prabha Ratwatte, the wife of former State Minister Lohan Ratwatte.

During the investigation, both Ratwatte and his wife had explained to the police that his mother-in-law resides in the said house. They had claimed that the car had been brought there three weeks ago by Ratwatte’s private secretary, who was recently found dead with gunshot injuries in the Katugastota area of Kandy.

(AdaDerana)
(This story, originally published by AdaDerana has not been edited by SLM staff)

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Bell 412 helicopter on standby for KDU bus accident patients

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The Defence Secretary has directed the Sri Lanka Air Force to keep a Bell 412 helicopter ready at the Diyatalawa Air Force Base for the potential airlift of patients injured in the recent bus accident to Colombo for further treatment if needed.

The accident, which occurred at Ambagas Junction on the Dunhinda-Badulla road around 7:45 AM on November 1, involved a bus carrying 42 people from the Kotelawala Defence University’s (KDU) Southern Campus. Among the group were 36 students from the 39th KDU Intake, three lecturers, an instructor, a senior military officer, and the bus driver.

Two female students, residents of Kurunegala and Nivithigala, tragically lost their lives. 

The remaining 40 were admitted to the Badulla General Hospital, with seven in the ICU and one in critical condition.

KDU’s Vice-Chancellor confirmed that arrangements for the funerals will be made with university support. 

Preliminary findings suggest a mechanical fault may have caused the accident, with a detailed investigation underway.

The Ministry of Defence has expressed condolences to the victims’ families and commended the prompt rescue efforts of local residents, as well as the swift response by Dr. Palitha Rajapaksa and the hospital staff.

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(Previous News : November 01, 2024 11.28 am)

2 dead in Badulla bus tragedy

Two persons have been reported dead after a bus carrying a group of university students had toppled across the road at Dunhinda Road in Badulla this morning (Nov. 01).

The accident had occurred between the third and fourth kilometer posts on the Badulla-Mahiyanganaya main road, near the Dunhinda access road, after the bus collided with a bund.

According to reports, the bus was carrying a group of students from the Southern Campus of the General Sir John Kotelawala Defence University (KDU), who had been on a field trip.

Over 30 persons injured had been rushed to the Badulla Hospital, reports say.

(Pic : Accident 1st)

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Doctors at Karapitiya Hospital begin 24-hour strike over internal threats

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Doctors at the Karapitiya Teaching Hospital in Galle have commenced a 24-hour token strike, according to the Government Medical Officers’ Association (GMOA).

GMOA Treasurer Dr. Ubhaya Bandara Warakagoda stated that the strike was initiated in protest over threats made by a doctor against several other doctors of the hospital.

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