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Compulsory EPF/ETF payments for life insurance agents

04 Nov 2021

Labour Minister Nimal Siripala de Silva has stated that necessary laws would be introduced to compel the Employees’ Provident Fund (EPF) and Employees’ Trust Fund (ETF)-related payments to be made to life insurance agents, following a complaint by the Life Insurance Agents’ Union that insurance companies are refusing to pay EPF and ETF to some of them. These issues were revealed at a meeting between de Silva and the Union held this week at the Labour Ministry. “Certain insurance companies are not paying EPF or ETF to their insurance agents, based on various reasons that they bring forward. This violates both our professional and labour rights,” said the union representatives. The Union had thus requested de Silva to bring in amendments to the existing legal provisions in order to make the payment of EPF and ETF compulsory for insurance agents. Minister de Silva has instructed Labour Commissioner General Attorney-At-Law (AAL) Prabath Chandrakeerthi to speak to all the relevant stakeholders on the matter and to submit a report to him accordingly. He had stated that based on the said report, he would submit a cabinet proposal for the necessary amendments. The 45,000-member-strong Union has also revealed a number of other labour rights violations which have taken place, following which de Silva had instructed Chandrakeerthi to investigate them. The Union’s representatives included its President W.C. Bandara, Secretary Isira Chathuranga, and Senior Advisor Chandana Jayasuriya.


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