JVP union accuse authorities of swindling EPF monies

Saturday, 29 October 2011 00:36 - - {{hitsCtrl.values.hits}}

Janatha Vimukthi Peramuna (JVP) affiliated Inter Company Employees’ Union (ICEU) says that authorities were swindling monies of the working masses in the Employees’ Provident Fund (EPF).

ICEU Head Wasantha Samarasinghe says the decision to invest EPF monies in the Colombo Stock Exchange has resulted in the swindling of the money belonging to the workers. He said the EPF had incurred losses amounting to billions of rupees after investing in bad stocks. “There are three instances in the past few months where the EPF has incurred massive losses after investing in the stock market,” he said, adding that the Fund has lost billions by investing in Laugfs, Grain Elevators and Browns. Samarasinghe called for an independent inquiry into the investments made by the EPF in the stock market. He said that representatives of the working masses should be included in the EPF board and to discuss their views when investing the Fund’s monies. (Colombo Page)