No modifications will certainly be made to the Staff members’ Provident Fund (EPF) Act regardless of expanding the old age of private-sector workers, claims the Commissioner-General of Work, Prabath Chandrakeerthi.
The draft costs to expand the old age of private-sector workers to 60 years was just recently come on Parliament with changes.
Following this growth, lots of people have actually increased problems pertaining to the Staff members’ Provident Fund and also feasible modifications to its Act.
Speaking With Ada Derana on the issue, the Work Division’s principal discussed that, in regards to the arrangements of the EPF Act, the participants of the Fund are qualified to declare their retired life advantages upon getting to the age of 55 years for men and also half a century for ladies.
If an individual retires at the age of 55, takes out the funds in their EPF account, and also rejoins the firm on agreement basis, he can be qualified to the retired life advantages under a brand-new enrollment number, for 5 years, he included.
The Workers’ Provident Fund was developed under the EPF Act No. 15 of 1958 (Act) as a necessary specified payment retired life system for the exclusive and also semi-government industry workers that do not delight in pension plan advantages.