The Cabinet of Ministers has approved the implementation of a new Employee Provident Fund (EPF) Management System to improve efficiency in handling Sri Lanka’s largest pension fund.
With 21.5 million member accounts and 77,000 active employers, the EPF has assets totaling Rs. 4.2 trillion as of October 2024, maintaining an annual growth rate of over 9% in recent years.
Given the increasing volume of transactions, the need for a modern IT system capable of managing large-scale data efficiently was identified, the government said.
In 2021, a project was launched under the World Bank’s Financial Sector Modernization Project to develop the new system. The planning and specifications were completed with the consultancy of PricewaterhouseCoopers India.
Subsequently, the Cabinet has now approved a proposal by the President, in his capacity as the Minister of Finance, Planning, and Economic Development, to select an integrator for the system’s implementation. (Newswire)