News Today: Labour Minister vows to improve EPF and ETF reserves for employees, ensuring financial security and better investment strategies

Labour Minister Anil Jayantha has announced a new initiative to improve Employee Provident Fund (EPF) and Employee Trust Fund (ETF) reserves, ensuring better financial benefits for working employees. In a recent statement, he highlighted the need to shift away from unproductive investments that have historically hindered fund growth.

“We have seen how EPF and ETF were invested in an unproductive manner in the past. However, we will introduce new laws to ensure that the working people get maximum benefit by utilizing these funds in a more productive way,” Minister Anil Jayantha stated.

The proposed reforms aim to optimize the fund’s management strategies, focusing on investments that provide long-term financial security for employees. The Minister emphasized that this approach would enhance retirement savings and economic stability for workers across the country.

Additionally, Minister Jayantha pledged to digitalize the EPF and ETF departments in collaboration with the Ministry of Digital Technology. “EPF and ETF will be operated online in the future,” he assured, highlighting the government’s commitment to modernization and ease of access for employees.

The proposed digital transformation will enable employees to track their EPF and ETF contributions, request withdrawals, and access fund-related services through an online platform. This initiative is expected to improve efficiency, reduce paperwork, and ensure greater transparency in fund management.

These measures mark a significant step towards financial security for employees, ensuring that EPF and ETF funds serve their intended purpose effectively. With the introduction of new laws and digitalization, the government is taking proactive steps to strengthen the retirement benefits of millions of workers.