March 04, Colombo (LNW): Concerns have been raised regarding the Central Bank of Sri Lanka’s (CBSL) handling of interest rates for the Employees’ Provident Fund (EPF), highlighting disparities between rates paid to staff and regular contributors, sources told LNW.
The EPF for Central Bank staff received a notably higher interest rate of 19.5 per cent, while the EPF for normal working people, under the oversight of the Monetary Board, received a lower rate of 9 per cent, according to sources.
This significant difference in interest rates has sparked questions about fairness and transparency in the management of EPF funds.
Critics argue that such discrepancies raise doubts about equitable treatment of all contributors and the principles of accountability within the Central Bank.
The disparity in interest rates suggests a need for closer examination of the Central Bank’s policies and practices regarding EPF management.
Transparency and consistency in setting interest rates are essential to ensure the financial well-being of all EPF contributors and maintain public trust in the banking system.
As calls for accountability grow louder, stakeholders are urging the Central Bank to address these irregularities promptly and take steps to restore confidence in its management of EPF funds.
The above concerns surface in the backdrop of the Central Bank facing scrutiny over the controversy sparked by its recent move of increasing CB employees’ salaries in unusual figures.
