Thursday Dec 12, 2024
Thursday Dec 12, 2024
Tuesday, 25 March 2014 00:20 - - {{hitsCtrl.values.hits}}
Following is the full text of the statement:
In an unexplainable and a shameless development, the Ministry of Labour has once again failed to submit the audited accounts of the Employees Provident Fund (EPF) for the year 2011 by the finally promised deadline of end of March 2014.
With Parliament having ended its sittings for March it is now not possible to table the documents at least till April. Even though these accounts should have been presented in 2012 various excuses have been forwarded every so often for the last two years to avoid tabling the most important accountability documents of the Fund, said to be the largest in the region. In addition the abruptly adjourned Committee on Public Accounts examination of its 2006 to 2009 accounts in February 2013 has not been re-summoned by its Chairman to date even after multiple reminders.
This is arrogance at the least and a possible attempt to cover up massive white collar crime at the worst. Either way this is a national shame and an infringement of the ethical and moral rights of the millions of private sector workers.
Managed solely by the Central Bank with no representation of workers in any level of decision making, the EPF has over Rs. 1 trillion of private sector workers’ pensions, which for the most part has been invested in government paper over the years. However, with the EPF beginning to invest enormous amounts in the Colombo Stock Exchange during the period of massive share price manipulation, several allegations of fraud have been registered against the EPF. However, nothing has happened in terms of investigations. At least one case filed by workers unions in the highest courts of the land with regard to certain identified transactions has been dismissed outright by a bench headed by the recently appointed Chief Justice.
The more than Rs. 1 trillion of EPF money does not belong to the Government. Nor does it belong to the Central Bank. The money belongs to the hard working employees of the private sector. It is the duty and responsibility of the various agencies of the Government to submit to Parliament the audited accounts of its activity.
A two year delay, particularly when multiple allegations of fraud have been levelled at its managers, is totally and absolutely unacceptable. It is indeed a national tragedy and trampling of the rights of people.
We demand that the audited accounts of the EPF for 2011 and 2012 be immediately tabled in Parliament and the audited accounts for 2013 be submitted at the earliest possibility.
