Govt to create and implement new EPF Management System

The Cabinet of Ministers has granted approval for the creation and implementation of a new Employees’ Provident Fund (EPF) Management System.

The Employees’ Provident Fund, the largest pension fund in Sri Lanka, has a total of 21.5 million member accounts and 77,000 active employers who remit the contribution. 

At the end of October 2024, the total asset of this fund has been Rs. 4.2 trillion, and the fund has achieved continuous growth in the past few years, recording an annual growth rate of more than 9% in its assets. 

In order to smooth the functioning of the activities of the Employees’ Provident Fund, the requirement of an information technology system capable of handling a large number of user accounts and a large amount of data, which can process a large number of transactions efficiently, has been identified.  

Accordingly, a project has been started in the year 2021 under the Financial Sector Modernization Project of the World Bank Group for the creation of a new Employees’ Provident Fund Management System, and the planning and preparation of required 3 specifications under the consultation of PricewaterhouseCoopers Private Limited in India have been completed.  

Therefore, taking into consideration these matters, the Cabinet of Ministers has approved the proposal presented by the President, in his capacity as the Minister of Finance, Planning, and Economic Development for the selection of an integrator for the implementation of the proposed project,  the government said in a statement.