fbpx
Saturday, June 3, 2023
Lanka Sara
  • සිංහලසිංහල
  • Home
  • News
  • Politics
  • Social
  • Sci & Tech
  • Life
    • Travel
  • Arts
  • Sports
  • Biz & Economy
  • About Us
No Result
View All Result
Lanka Sara
  • Home
  • News
  • Politics
  • Social
  • Sci & Tech
  • Life
    • Travel
  • Arts
  • Sports
  • Biz & Economy
  • About Us
  • සිංහලසිංහල
Lanka Sara
No Result
View All Result
Home Biz & Economy

Sri Lanka’s workforce must be safeguarded in domestic debt optimization – Dr Harsha

by Lanka Sara Editor
May 24, 2023
in Biz & Economy, News
420 22
Share on FacebookShare on Twitter

Sri Lankan Opposition MP Harsha de Silva highlighted the critical considerations surrounding domestic debt optimization and its impact on Employees Provident Fund (EPF) members. Speaking on behalf of the Opposition, de Silva emphasized the need to prioritize EPF pension fund members’ interests in any decision-making process.

“Our foremost concern should be securing the retirement benefits of Sri Lanka’s hardworking people,” De Silva stated. “The EPF, as a pension fund, ensures a financially secure future for its members upon retirement. We cannot allow the government’s pursuit of cheap money to jeopardize EPF pensioners’ interests.”

Referring to the EPF Act, de Silva underscored the necessity for a parliamentary resolution to ensure the EPF receives sufficient funds from the Treasury. This is to meet the minimum payment requirements. This is if it cannot do so. He further emphasized the importance of gradually settling loans over time. “We must protect the EPF pension fund from being subjugated to government needs at the expense of pensioners. The negative 47 percent real return to EPF in 2022 has severely eroded the fund’s value, and we cannot disregard this significant loss,” de Silva added.

Discussing the risks associated with domestic debt optimization, de Silva highlighted the concept of opportunity costs. “Subjecting the EPF pension fund to this optimization may result in the loss of potential reinvestment opportunities,” he explained. “For instance, if the EPF currently holds bonds maturing within the next one or two years, they have the potential to be reinvested at higher rates, ensuring better returns for pensioners. However, if these bonds’ maturity dates are extended beyond 2027 at lower rates, that will have a high opportunity cost for EPF members.”

RelatedPosts

Sri Lanka Set to Launch Climate Change University, Leading Global Efforts in Research

The magistrate orders a speedy investigation into the death of Sudharma’s housemaid.

Stay Safe in Hot Weather During Poson: Expert Advice for Pilgrims

Clarifying the EPF pension fund’s overall financial position, de Silva reassured the public that the EPF is not facing immediate trouble. “The EPF pension fund maintains positive cash flow, with contributions consistently exceeding pension payouts by approximately 30 billion rupees in recent years,” he stated. “This ensures the EPF’s ability to meet its pension obligations. However, we must acknowledge that returns on investments may decrease.”

Concluding his remarks, de Silva firmly stated, “Considering the negative real interest rate the EPF pension fund has already experienced, it is unjust to overburden it further with large opportunity costs due to domestic debt optimization. We must prioritize EPF members’ interests and balance preserving reasonable returns to members while providing debt relief to the government. Sri Lanka’s workforce’s long-term financial security cannot be jeopardized.”

Related posts

The government has not yet taken any decision on domestic debt restructuring.

 

Tags: LatestParliamentSri Lanka
Share70Tweet44
Previous Post

Sri Lanka Navy locate 12 bodies and recover 02 from the capsized Chinese fishing vessel!

Next Post

A 130 Billion loss made by misbehaved excise officers !

Related Posts

Climate-Change-and-Green-Growth-University-Launch-Briefing
News

Sri Lanka Set to Launch Climate Change University, Leading Global Efforts in Research

June 2, 2023
News

The magistrate orders a speedy investigation into the death of Sudharma’s housemaid.

June 2, 2023
News

Stay Safe in Hot Weather During Poson: Expert Advice for Pilgrims

June 2, 2023
Next Post

A 130 Billion loss made by misbehaved excise officers !

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result

Latest News

Climate-Change-and-Green-Growth-University-Launch-Briefing

Sri Lanka Set to Launch Climate Change University, Leading Global Efforts in Research

by Lankasara Editor English
June 2, 2023
0

President Ranil Wickramasinghe reveals plans to spearhead the establishment of the...

The magistrate orders a speedy investigation into the death of Sudharma’s housemaid.

by Lanka Sara Editor
June 2, 2023
0

The Colombo Chief Magistrate's Court ordered a speedy investigation into the...

Stay Safe in Hot Weather During Poson: Expert Advice for Pilgrims

by Lankasara Editor English
June 2, 2023
0

Adults, children, pregnant mothers and people suffering from non-communicable diseases who...

MEPA retains two PCs to assist the AG

by Lanka Sara Editor
June 2, 2023
0

The Sri Lanka Marine Environmental Protection Authority has retained two President's...

More flights between Jaffna and Chennai are being scheduled to cater to the increasing demand.

by Lanka Sara Editor
June 2, 2023
0

Indian airline companies have increased the number of flights operating between...

Sri Lanka Airlines

Sri Lankan Airlines Refutes False Claims Regarding Travel Mishap of Venerable Ajahn Brahm

by Lankasara Editor English
June 1, 2023
0

Sri Lankan Airlines has come forward to clarify the misinformation circulating...

Popular News

News

Five police officers are charged with dereliction for failing to prevent the Easter Sunday attack!

by Lankasara News
May 6, 2023
0

Five senior officers of the Sri Lankan Police, who have...

Read more
Ven. Ajhan Brhamma Thero
News

The negligence of the airport officials caused untold hardship to Ven. Ajahn Brahm Thero

by Lankasara News
June 1, 2023 - Updated On June 2, 2023
0

World-renowned Buddhist monk Ven. Ajahn Brahmavamso Thero had to spend...

Read more
News

The establishment of the Moratuwa University Medical Faculty is facing serious administrative snags

by Lanka Sara Editor
May 7, 2023
0

The establishment of the Medical Faculty of the University of...

Read more

Tags

20A BASL Budget 2021 China CID Colombo Covid 19 Cricket Curfew Death Deaths Easter sunday attack Elections Galle Gampaha GMOA India Jaffna Latest latest news LTTE Mahara Prison Mannar Nishara Jayarathne Nishara Jayaratne Parliament Parliament Cluster PCR Peliyagoda Pillayan Police SJB Special Sri Lanka Sri Lanka Army Sri Lanka Navy Sri Lanka Police Sri Lanka Ports TNA Tourism UK UN UNHRC UNP Vaccine
Facebook Twitter Youtube Whatsapp Telegram RSS
Lanka Sara

We at Lankasara are dedicated around the clock to provide news and information close to the lives of Sri Lankans living in every corner of the world and also to those interested in Sri Lanka.

Recent News

  • Sri Lanka Set to Launch Climate Change University, Leading Global Efforts in Research
  • The magistrate orders a speedy investigation into the death of Sudharma’s housemaid.
  • Stay Safe in Hot Weather During Poson: Expert Advice for Pilgrims

Category

  • Arts
  • Biz & Economy
  • Culture
  • Environment
  • Health
  • Life
  • LPL
  • News
  • Politics
  • Sci & Tech
  • Social
  • Sports
  • Throwback
  • Travel

© 2020 - 2023 Lankasara.com.

No Result
View All Result
  • Home
  • News
  • Politics
  • Social
    • Culture
  • Sci & Tech
  • Life
  • Arts
  • Sports
    • LPL
  • Biz & Economy
  • About Us
  • සිංහල

© 2020 - 2023 Lankasara.com.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist