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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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Landslide warnings extended

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The Department of Irrigation says that the water levels in the Kelani River and Attanagalu Oya are rising to levels that requires attention.

Director of the Hydrology and Disaster Management Division of the Irrigation Department S. P. C. Sugeeshwara says that the Gin, Nilwala and Kalu Ganga remain at the flood level.

Many roads in the vicinity of the rivers have been inundated.

S. P. C Sugeeshwara warns that people should refrain from further using the rivers.

The landslide warnings issued to seven districts have also been extended, due to the prevailing weather conditions.

The Met Department predicts that the heavy showers in the South West will continue.

Heavy showers of about 75 mm can be expected in some areas.

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“SLPP Leadership can change if needed”

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Former President Mahinda Rajapaska yesterday said that there should be a change in the leadership of Sri Lanka Podujana Peramuna (SLPP), if the need arises.

When the former President was asked about the veracity of the news on social media about imminent change of the SLPP leadership, said that he is not aware of any change in the leadership. 

The President was speaking to the media after calling on Mahanayake Thera of the Rammanya Maha Nikaya Most Ven. Makulewe Sri Wimala Thera at the Vidyawasa Pirivena in Meerigama yesterday.

Commenting on the impending regulations on social media, the former President said that there are pros and cons in the social media. “I don’t have any issue with the social media,” he said. 

Former President Mahinda Rajapaksa also visited the Sacred Kelaniya Rajamaha Viharaya and participated in religious activities. The Former President also met Chief incumbent of the Kelaniya Rajamaha Viharaya Ven. Kollupitiye Mahinda Sangharakkitha Thera and received his blessings.

Speaking to the media on the occasion, the former President said that he is physically fit despite social media reports to the contrary.

(dailynews.lk)

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Kusal suffers shoulder injury

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During the first warm-up match of the 2023 Cricket World Cup, Sri Lanka opener Kusal Janith Perera retired early due to a shoulder injury.

He scored 34 runs before leaving the field due to a shoulder injury that has resurfaced.

So far, the Sri Lankan team has scored 127 runs for two wickets.

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