The Sri Lankan Government has approved the creation and implementation of a new Employee Provident Fund (EPF) management system to enhance efficiency and handle large-scale transactions.

The EPF requires a modern IT system to streamline operations with 21.5 million member accounts and Rs. 4.2 trillion in assets as of October 2024.

Accordingly, the project initiated in 2021 under the World Bank’s Financial Sector Modernization Project, has completed its planning phase with consultancy from PricewaterhouseCoopers India.

The Cabinet of Ministers has now approved the selection of an integrator to implement the system, as proposed by the President in his capacity as Minister of Finance.