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by Ananda Kannangara

A proposal to withdraw Employees Provident Fund (EPF) balance before the mandatory retirement age of workers, employed in the private sector institutions will be discussed by a panel of Labour officials under the purview of the Labour Minister Athauda Seneviratna shortly.

The objective of forwarding such a proposal by a section of the public to the attention of the Labour Minister is to obtain a relief for them to start self-employment activities and also invest money on various other purposes. It is said that such a scheme is applicable to workers who are very close to their retirement ages and also to the workers who have to vacate their jobs following the closing down of their respective work places.

In an interview with the Sunday Observer, Minister Seneviratna said that this was the very first occasion that such a proposal was brought to his attention by a section of employees in the private sector institutions and the pros and cons of this scheme must be thoroughly discussed with the relevant parties, especially with trade unions affiliated to the private sector and other relevant committees.

At present the balance amounts of EPF accounts could be obtained in advance only by female workers within a stipulated period after their marriages and also employees who get medical condemned due to ill health.

"If a positive response coming from all sections, this proposal could be presented before the Cabinet and thereafter to the Parliament for the approval," he said.

The Minister said if such a proposal was approved, it will be a golden opportunity for a large number of workers currently being employed in the private sector corporations, institutions and also other semi government institutions to withdraw their EPF balances lying in their accounts.

"Employees who quit their jobs under voluntary retirement schemes, introduced by establishments are also entitled to withdraw their EPF benefits under such a scheme," he said.

However the Minister said that when workers resign from their jobs on their own accord long before their retirement age they are not entitled to the EPF benefits until they reach normal retirement age of 55 years.

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