The Employers’ Federation of Ceylon (EFC) has presented a comprehensive position paper on strengthening governance in Sri Lanka’s social security institutions to the Minister of Labour, Mr. Anil Jayantha Fernando.
The paper, titled “Preserving Beneficiary Interests in Sri Lanka’s Social Security Institutions Through Good Governance,” represents the outcome of a collaborative initiative led by the EFC with the support of the ILO Bureau for Employers’ Activities (ACTEMP) and the International Training Centre of the ILO (ITC-ILO).
The initiative brought together employers and stakeholders through the newly established EFC Employers’ Network on Social Security to promote dialogue on governance reforms for the Employees’ Provident Fund (EPF) and Employees’ Trust Fund (ETF).
The paper highlights the importance of transparency, accountability and balanced representation in the governance of social security institutions. Drawing on international good practices, it examines governance structures, board composition, investment management frameworks and the role of digital technologies in improving the administration of social security schemes.
Among its key recommendations are legislative reforms to ensure effective representation of employers and workers on the governing boards of the EPF and ETF, the introduction of qualification requirements for board members, the establishment of an independent investment committee for the ETF, and the adoption of unique identification numbers for members to enhance transparency and service delivery.
The initiative reflects the commitment of Sri Lankan employers to contribute constructively to policy discussions and support the development of sustainable, transparent and well-governed social security systems that safeguard the interests of beneficiaries.
By fostering evidence-based dialogue and sharing international experiences, the EFC Employers’ Network on Social Security aims to strengthen governance standards and promote confidence in Sri Lanka’s social protection institutions.
