Cabinet Approves New Employees Provident Cabinet Approves New Employees Management System

 The EPF currently serves around 21.5 million members, with approximately 77,000 active employers making regular contributions. As of October 2024, the fund boasts total assets of Rs. 4.2 trillion, and it has consistently achieved an annual growth rate exceeding 9%.

Recognizing the need for an IT system capable of managing a substantial volume of transactions, user accounts, and data, a project was initiated in 2021 under the World Bank Group's Financial Sector Modernization Project. The system’s design and specifications were completed with the consultancy of PricewaterhouseCoopers Private Limited from India.

With the Cabinet's recent approval, the President, acting in his role as the Minister of Finance, Planning, and Economic Development, has been authorized to initiate the procurement process to select a System Integrator for the implementation of this critical project.

 The new system is expected to ensure the smooth and efficient operation of the EPF, facilitating continued growth and financial security for millions of Sri Lankans.