June 21, Colombo (LNW): Sri Lanka’s business community has renewed calls for stronger oversight and accountability within the country’s key social security institutions, with a detailed policy proposal being submitted to Labour Minister Anil Jayantha Fernando.
The recommendations were presented by the Employers’ Federation of Ceylon (EFC) through a newly developed position paper that focuses on improving governance standards and protecting the long-term interests of millions of EPF and ETF members.
Developed through a collaborative effort involving employer representatives, industry stakeholders and international labour specialists, the paper seeks to encourage meaningful reforms aimed at enhancing the effectiveness, transparency and credibility of the nation’s social protection framework.
Central to the proposals is the need for greater accountability in decision-making processes, stronger stakeholder participation and improved safeguards for member funds. The document also examines how successful governance models adopted in other countries could be adapted to strengthen Sri Lanka’s own social security institutions.
Among the measures outlined are reforms to the composition of governing boards to ensure more balanced representation of employers and employees, stricter eligibility criteria for board appointments, and the creation of an independent body to oversee investment-related decisions within the Employees’ Trust Fund. The paper also advocates the introduction of modern digital systems, including unique member identification numbers, to improve efficiency, record management and public confidence.
The EFC noted that well-governed social security institutions are essential to safeguarding workers’ retirement savings and maintaining trust in the broader social protection system. It stressed that transparent administration and prudent fund management would contribute significantly to the long-term sustainability of these schemes.