Business Committee to look at unified tripartite management of workers’ retirement funds Published 4 mins agoon 2026/07/16 Minister Dr. Nalinda Jayatissa The government has initiated what could become one of the most significant reforms of Sri Lanka’s social security system in d…
Business Committee to look at unified tripartite management of workers’ retirement funds
Published 4 mins agoon 2026/07/16
Minister Dr. Nalinda Jayatissa The government has initiated what could become one of the most significant reforms of Sri Lanka’s social security system in decades by appointing a Senior Officials’ Committee to examine the feasibility of bringing the Employees’ Provident Fund (EPF) and the Employees’ Trust Fund (ETF) under a unified tripartite governance framework representing the government, employers and employees. Cabinet approval was granted following a proposal submitted by the Minister of Labour. According to Cabinet Spokesman and Minister Dr. Nalinda Jayatissa, the committee has been mandated to study whether the two institutions could operate under a common governance structure based on internationally recognised principles promoted by the International Labour Organization (ILO). He stressed that the committee has been appointed only to examine the feasibility of the proposal, and no final decision has been taken to merge the two funds. The official Cabinet statement notes that the EPF, established under the Employees’ Provident Fund Act No. 15 of 1958, has more than 2.5 million members and assets exceeding Rs. 4.9 trillion, making it Sri Lanka’s largest social security fund. Custody of the fund, investment management, financial administration and payment of benefits are currently handled by the Central Bank of Sri Lanka, while the Department of Labour is responsible for member registration, employer compliance, recovery of arrears and safeguarding employee rights. The ETF, created under Act No. 46 of 1980, is administered by a tripartite board comprising representatives of the government, employers and employees. It manages assets of approximately Rs. 637 billion and provides coverage to more than 2.5 million active members. The Cabinet paper highlights that tripartite governance of social security institutions is an internationally recognised best practice and a fundamental principle promoted by the ILO, which forms the basis for examining a common governance model for both funds. The proposal is expected to attract close scrutiny from the business community, trade unions and financial market participants, given that the combined assets of the EPF and ETF exceed Rs. 5.5 trillion, making them among the country’s largest institutional investors. Economists note that any governance reforms should strengthen transparency, accountability, professional investment management and public confidence while safeguarding workers’ retirement savings. By Ifham Nizam
Business CDB retains championship crown at MCA T10
Published 8 mins agoon 2026/07/16
Citizens Development Business Finance PLC (CDB) lit up the CCC Grounds on June 28th, retaining the championship of the MCA T10 Cricket Tournament, further etching its record of being unbeaten and showcasing its signature persona of being determined and unstoppable. Sealing the title without a single loss in the tournament from the first ball to the final cheer, Team CDB skippered by Tharindu Rathnayaka with Vice Captain Dunith Wellalage, both national players, showcased the calibre of a champion side. Coached by national player Oshadha Fernando, CDB combined star power with relentless team spirit – the perfect combination of experience and youthful energy. CDB’s performance was not just about individual brilliance but about a collective drive that mirrors CDB’s corporate ethos of perseverance, leadership, and excellence. The final match against the Abans Group was a fitting climax. Chasing 116, CDB powered to 120/4 in just 8.4 overs, sealing victory by six wickets. Vishad Randika rose to the occasion as Player of the Final. Nuwan Thushara’s consistent bowling prowess, including a hat trick — 2 overs, 11 runs, 4 wickets during the semi-finals — earned him the Best Bowler accolade. This unbeaten run was more than a cricketing triumph. It was a statement by CDB of its dedication to excellence, which extends beyond financial services into fostering a high-performance culture through sports. The championship reinforced the company’s reputation as a leader in the financial sector while celebrating employee engagement, wellness, and community spirit.
Business Pepsi Street Kala 2.0 showcases Sri Lankan art, music, and food, uniting audiences in colourful cultural celebration
Published 9 mins agoon 2026/07/16
Pepsi Street Kala returned for its second edition on 4 July 2026 at Excel World, Colombo, turning the venue into a whole-day celebration of Sri Lankan Kala with festivities incorporating Sri Lankan art, music, and food. Organised by Pepsi®, the public art initiative drew thousands of visitors united through creativity, culture, and community. Embracing what young Sri Lankans love most, Pepsi® continues to connect with local audiences as more than a global brand, but a partner rooted in local identity. “At Pepsi®, we’ve always believed in celebrating the passions that bring people together, and Pepsi Street Kala is a reflection of that spirit. With its second edition, Pepsi Street Kala continues to evolve as a vibrant platform that champions local creativity, foster community connections, and celebrate the bold, vibrant spirit of Sri Lanka,” said Anshuman Mishra, West & Sri Lanka Franchise Lead and Associate Director, PepsiCo” At the heart of the festival was an Art Exhibition in collaboration with the Academy of Design (AOD), placing emerging local artists in the spotlight to showcase their own interpretations of Pepsi-themed art. The collaboration offered fresh talent a platform to reach a wider audience, linking a well-known global brand with Sri Lanka’s growing art scene. Along with the exhibition, an interactive wall provided attendees the opportunity to display their own creativity by picking up a brush and adding their personal strokes to a shared canvas which evolved throughout the day. The stage at the venue came alive with musical performances by some of Sri Lanka’s most popular artists, including the band Knights, along with Wasthi, Nilan Hettiarachchi, Raveen Tharuka, Dinesh and Kaizer, and Hana Shafa. Together, they brought the energy and diversity of Sri Lankan music to the heart of the festival. Visitors also enjoyed exciting games and sampled local favourites at a range of food stalls, where the flavours tasted even better with an ice-cold Pepsi®. A dedicated mocktail bar served up refreshing Pepsi® mocktails. All these experiences were designed for everyone to join in and resonate with youth on a deeper level. “What began as a city-wide open-air art gallery has grown into a wider celebration of Sri Lankan creativity, bringing together emerging artists, live music, great food, and interactive experiences for everyone to enjoy,” said Amit Joshi, Country Head, Varun Beverages (VBL). Strengthening ties, Pepsi® ensured audiences felt recognised and valued, enjoying the festivities and appreciating the meaningful steps the brand has taken to engage with local culture and connect with communities.