Petitions filed deeming proposed reduction of EPF interest rates an FR violation

Two petitions were filed before the Supreme Court this afternoon (28 July), seeking an order deeming the decision to reduce the interest rates paid when investing the funds of Employees Provident Fund (EPF) in treasury bills and bonds to 9% a violation of fundamental rights.

The Fundamental Rights (FR) petitions were filed by the General Secretary of the Free Trade Zones and General Services Employees Union, Anton Marcus, while financial analyst  and EPF member Chathuranga Abeysinghe filed the other.

Accordingly, the Secretary of the Ministry of Finance, the Monetary Board of the Central Bank of Sri Lanka (CBSL) and its members, the CBSL Governor and the Attorney General have been named as respondents.