The Supreme Court on Friday (11) dismissed the petition that was filed, stating that the fundamental rights of employees were violated after it was decided to reduce the interest awarded to EPF members following the Domestic Debt Optimization program.
Under Sri Lanka's Domestic Debt Optimization program, it was decided to reduce the annual interest rate awarded for EPF investments in government securities.
Under the DDO, the maturity of treasury bonds held by superannuation funds were extended from 2027 to 2038 with a step-down coupon structure of 12 percent until 2025 and 9 percent until maturity.
Financial Analyst Chathuranga Abeysinghe, an Executive Member of the Jathika Jana Balavegaya and a member of the EPF filed the application with the Supreme Court, stating that the aforementioned decision violated the fundamental rights of the workers.
However, upon considering the facts, Justices Vijith Malalgoda, Gamini Amarasekera, and Janak De Silva decided to dismiss the petition.
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