📈 Cabinet Approves Amendments to EPF Act No. 15 of 1958

• Key Objective: Modernize legal framework to align with current social, economic, and technological developments, enhancing service delivery and reducing operational difficulties for members. • Legislative Action: Cabinet approved the Minister of Labour's proposal instructing the Legal Draftsman to formulate an amendment Bill, based on a preliminary draft prepared by the Department of Labour in consultation with the Central Bank of Sri Lanka. • Target Beneficiaries: Strengthens social security for private sector and semi-government sector employees who lack access to traditional pension benefits. • Institutional Governance: Administrative functions remain under the Commissioner General of Labour, while the Monetary Board of the Central Bank of Sri Lanka serves as fund custodian.