Sri Lanka to implement new EPF management system
The Sri Lankan government has approved the implementation of a new Employees’ Provident Fund (EPF) Management System to enhance efficiency in handling transactions and managing user accounts.
The EPF, the country’s largest pension fund, currently has 21.5 million member accounts and 77,000 active employers making contributions. As of October 2024, the fund’s total assets stood at Rs. 4.2 trillion, with an annual growth rate of over 9% in recent years.
Recognizing the need for a robust IT system to manage this vast data efficiently, the government initiated a project in 2021 under the World Bank Group’s Financial Sector Modernization Project. Planning and technical specifications were developed with the consultation of PricewaterhouseCoopers Private Limited, India.
The Cabinet of Ministers has now approved a proposal by President Anura Kumara Dissanayake, in his capacity as the Minister of Finance, Planning, and Economic Development, to select an integrator for implementing the new system.
This move is expected to streamline EPF operations and improve service delivery for millions of members and contributing employers.
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