Government plots to sacrifice EPF for Coronavirus Pandemic?

Government plots to sacrifice EPF for Coronavirus Pandemic?

31 March 2020 07:29 am

The resolution by Prime Ministerial Adviser Ajith Nivaard Cabraal that only 20% of bonds accounting to the Employees' Provident Fund (EPF) be allocated for its members due to the Cornavirus pandemic indicates the government failure, Janatha Vimukthi Peramuna (JVP) former parliamentarian Wasantha Samarasinghe pointed out.

"The government has been instructed to extract none other than the servants to solve the problem. They are suggesting to manage for two months by spending the bonds in the Bank. 

But if we think about other countries in the world - Singapore for instance - has reserved 11% of them have been allocated for the Corona virus pandemic. In Bahrain it is 14%. In developed countries - German for instance - a larger portion, 22%, has been allocated for the purpose. 

We are at 0.3%, estimated US$ 300 to save the country from this pandemic. This will not be enough. Now the government plots to sacrifice the Employees' Provident Fund for the purpose. 

Releasing the EPF could affects its members. Also, it could catalyse the country's economy. But, the government while obtaining that catalysis tends to obtain the fund belonging to the servants as well. 

Then there will be no need for a government to develop a country if the servants' funds are to be adopted for such problem. Therefore, it is indicative that the government's efforts are meeting failure," he said.