By Ravi Ladduwahetty
A frontline anti-corruption watchdog this week alleged that the government was attempting to plunder the private sector employees inheritance-the Employees Provident Fund and the Employees Trust Fund savings, under the guise of creating a private sector Pension Fund.
"This is glaring day light robbery with the government trying to lend that money to venture capital funds, president of the Inter Company Employees Union Wasantha Samarasinghe charged in an interview with Ceylon Today.
He added that the previous government also invested the EPF and ETF funds in corporate listed on the Colombo Stock Exchange and suffered heavy losses, thus jeopardizing the interests of private sector employees.
The funds squandered amounted to over Rs 30 Billion, miniscule in the enormity of Rs 1.7 Trillion, he said.
The same players who manipulated the Colombo Stock Exchange in the past have now joined the present regime, he alleged.
He said, the Laughs Gas share which was Rs 38 was manipulated within one hour and artificially raised to Rs 48 with a large volume changing hands. There were the other shares such as those of Ceylon Grain Elevators which were also manipulated.
He alleged that the previous regime also attempted to manipulate the EPF and ETF Funds but had to withdraw the proposals in the wake of massive resistance. There were people like Roshen Chanaka who were killed by the previous regime, but we won our struggle in thwarting the attempts to play around with the private sector employees' funds, he said.
He also claimed that the proposed private sector Pension and Gratuity Fund should also enable those at the lower spectrum of society such as the trishaw drivers, betel sellers, sweep ticket sellers and security guards and others to get some retirement benefits as well.
Samarasinghe said, instead 1% of tall tax revenue could be used for the creation of the Pension Fund.
A frontline anti-corruption watchdog this week alleged that the government was attempting to plunder the private sector employees inheritance-the Employees Provident Fund and the Employees Trust Fund savings, under the guise of creating a private sector Pension Fund.
"This is glaring day light robbery with the government trying to lend that money to venture capital funds, president of the Inter Company Employees Union Wasantha Samarasinghe charged in an interview with Ceylon Today.
He added that the previous government also invested the EPF and ETF funds in corporate listed on the Colombo Stock Exchange and suffered heavy losses, thus jeopardizing the interests of private sector employees.
The funds squandered amounted to over Rs 30 Billion, miniscule in the enormity of Rs 1.7 Trillion, he said.
The same players who manipulated the Colombo Stock Exchange in the past have now joined the present regime, he alleged.
He said, the Laughs Gas share which was Rs 38 was manipulated within one hour and artificially raised to Rs 48 with a large volume changing hands. There were the other shares such as those of Ceylon Grain Elevators which were also manipulated.
He alleged that the previous regime also attempted to manipulate the EPF and ETF Funds but had to withdraw the proposals in the wake of massive resistance. There were people like Roshen Chanaka who were killed by the previous regime, but we won our struggle in thwarting the attempts to play around with the private sector employees' funds, he said.
Samarasinghe also said, the trade unions had a meeting with Prime Minister Ranil Wickremesinghe on November 14, but no details were spelt out as to how the Pension Fund was being created and what the Employees and Employers contributions were to be.
He also claimed that EPF and ETF funds were invested in Treasury Bonds and Bills and that 92-93% of the Funds were lent out.
He also claimed that EPF and ETF funds were invested in Treasury Bonds and Bills and that 92-93% of the Funds were lent out.
He also claimed that the proposed private sector Pension and Gratuity Fund should also enable those at the lower spectrum of society such as the trishaw drivers, betel sellers, sweep ticket sellers and security guards and others to get some retirement benefits as well.
Samarasinghe said, instead 1% of tall tax revenue could be used for the creation of the Pension Fund.
He also alleged that the Government's attempt to misuse the EPF/ETF funds was a small manifestation of a bigger scheme to suppress workers rights. One of those, he alleged, was to make a five day working week by extending the working hours to nine, in contrast to the present eight. The government was bringing in these amendments to the labour laws in collusion with the International Labour Organization Agency and others.
"The eight hour working day was enacted by the international labour community after years of international struggles and we are not going to allow Finance Minister Ravi Karunanayake to tamper with what has been internationally accepted, he said.
The government, through the budget proposals, was making the working week nine hours per day and was making Saturday and Sunday non -working days.
He also proposed that with the mechanization in business, the working hours per day should be reduced to six or seven.
He also proposed that with the mechanization in business, the working hours per day should be reduced to six or seven.
Samarasinghe proposed that the Pension Scheme could be maintained as it is, without creating a separate Fund. If the Rs 1.7 trillion was invested at a 10% interest rate, that would have Rs 170 billion. Even if Rs 20 billion was set off for allowances of private sector employees, there would be Rs 150 billion left which could give a monthly Rs 25,000 each to 500,000 private sector employees.
This is the way that the government pensioners get their money and the Consolidated Fund allows Rs 150 Billion for the payment of funds to state sector employees, he pointed out.
This is the way that the government pensioners get their money and the Consolidated Fund allows Rs 150 Billion for the payment of funds to state sector employees, he pointed out.
He also wanted to know who would shoulder responsibility if the government decision to invest the funds in Venture Capital companies fails.
The Mahinda Rajapaksa regime did not even gazette the promised Rs 2500 salary increase to the private sector and the Cost of Living and the people who vehemently opposed that move were MPs Ravi Karunanayake, Harsha de Silva, who are Government Ministers now, he said. It appears as if the course that this government is following is not that of Regaining Sri Lanka but rather more like that of 'Reselling Sri Lanka,' he quipped.
www.ceylontoday.lkThe Mahinda Rajapaksa regime did not even gazette the promised Rs 2500 salary increase to the private sector and the Cost of Living and the people who vehemently opposed that move were MPs Ravi Karunanayake, Harsha de Silva, who are Government Ministers now, he said. It appears as if the course that this government is following is not that of Regaining Sri Lanka but rather more like that of 'Reselling Sri Lanka,' he quipped.
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