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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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50th ordination anniversary of Malcolm Cardinal Ranjith, held (Pics)

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President Anura Kumara Disanayake stated that the life of His Eminence Malcolm Cardinal Ranjith serves as an exemplary model in an era when the moral and spiritual values of society are in decline.

The President made these remarks yesterday (July 07), delivering a speech at the felicitation ceremony organized by the Archdiocese of Colombo to mark the 50th Ordination Anniversary of His Eminence Malcolm Cardinal Ranjith’s sacred priesthood. The event was held at the Archbishop’s House in Colombo.

The President stated that His Eminence is deeply engaged in a tireless mission to uphold social harmony and spiritual upliftment. He is a statesman who has rendered a significant service to the country, a theological scholar capable of articulating the teachings of the Bible with clarity, a powerful orator with the ability to awaken society and above all, a true humanitarian whose influence extends beyond these roles.

The President further affirmed that every possible step will be taken to ensure justice for the victims of the Easter Sunday attacks, without allowing the passage of time to obscure the truth. He emphasized that this is a challenge the government must confront, even within its own institutions and no matter how difficult it may be, justice must be served.

Addressing the gathering, His Eminence Malcolm Cardinal Ranjith reflected on his 50 years of priestly service and commended President Anura Kumara Disanayake for his success in ending a 75-year era of autocratic rule. He also expressed appreciation for the President’s efforts to dismantle a political culture rooted in spreading division among ethnic communities and emphasized the need for a new approach as the country moves towards becoming a prosperous nation.

On this occasion, to mark the 50th Ordination Anniversary of His Eminence Malcolm Cardinal Ranjith’s priesthood, a commemorative stamp and first-day cover were officially presented to the President.

His Eminence Malcolm Cardinal Ranjith was born in 1947 in the Polgahawela area of Kurunegala. He was ordained as a priest on June 29, 1975, at St. Peter’s Basilica in the Vatican, by Pope Paul VI. Thereafter, he served in various roles including Assistant Parish Priest, Acting Parish Priest, Lecturer in theology and professor at the seminary. He is proficient in multiple languages including Sinhala, Tamil, English, German, French, Spanish and Indonesian.

In 1991, under the leadership of then-Archbishop His Eminence Nicholas Marcus Fernando, he was appointed as Auxiliary Bishop of the Archdiocese of Colombo, with his episcopal ordination taking place at the Basilica of Our Lady of Lanka in Tewatte.

Subsequently, on June 16, 2009, Malcolm Ranjith was appointed as the Archbishop of the Archdiocese of Colombo. A year later, on November 20, 2010, he was elevated to the rank of Cardinal at the Basilica of Saint Lawrence in Italy. With this appointment, His Eminence Malcolm Cardinal Ranjith became the second Sri Lankan to receive the blessing of holding the title of Cardinal. He has held numerous positions both nationally and internationally, including serving as chair of several international assemblies.

His Eminence has been the recipient of numerous international accolades, including the Thomas Aquinas Medal for Religious Studies awarded by the Thomas Aquinas College in the United States and the 7th Giuseppe Sciacca International Award for Cultural Achievement, conferred in 2008 by the President of the Italian Republic. A respected writer as well, he has contributed a multitude of articles to journals and newspapers.

Ven. Anunayaka of the Malwathu Chapter, Most Venerable Niyangoda Vijithasiri Thero and Ven. Dr. Omalpe Sobhitha Nayaka Thero extended their wishes during the occasion.

The event was also graced by the Maha Sangha of the three Nikayas, religious leaders from all faiths, President of the Catholic Bishops’ Conference of Sri Lanka, Bishop Harold Anthony Perera, the Charge de Affairs of the Apostolic Nunciature Msgr. Roberto Lucchini,  Auxiliary Bishops of Colombo Most Rev. Maxwell Silva and Most Rev. Anthony Jayakody, other Catholic clergy, Prime Minister Dr. Harini Amarasuriya, Opposition Leader Sajith Premadasa, several Ministers and Members of Parliament, Commanders of the Tri-Forces, the Acting Inspector General of Police, Ambassadors and many other distinguished invitees.

(President’s Media Division)

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Wazeeth sworn in as SLMC MP

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Mohamed Sheriff Abdul Wazeeth was sworn in as a Sri Lanka Muslim Congress (SLMC) National List MP before Speaker – Dr. Jagath Wickramaratne today (July 08).

He took over the Parliamentary seat that became vacant following the resignation of M.S. Naleem.

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No-faith motion against Speaker?

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It has been reported that opposition ranks are planning to table a No-Confidence Motion against the Speaker – Dr. Jagath Wickramaratne.

According to political sources, many opposition parties have already agreed to support the move, with a final decision expected to be reached today (July 08).

The NCM is said to be based on several allegations of the Speaker obtaining additional benefits, misusing powers of his office and acting in a biased manner,  favouring the ruling party.

Meanwhile, during a Samagi Jana Balawegaya (SJB) group meeting yesterday, criticisms have been raised on certain facilities and privileges the Speaker is said to have obtained.

In recent weeks, several opposition MPs, including Dayasiri Jayasekara, have publicly criticised the Speaker’s conduct in Parliament.

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