The Supreme Court has scheduled a hearing date to hear petitions alleging that the reduction of benefits paid for investments made by the Employees’ Provident Fund (EPF) to the government under the Domestic Debt Restructuring (DDO) programme violates the public’s fundamental human rights.
As a result, the Supreme Court of Sri Lanka has set the date of 23 January 2024 for hearing of the filed Fundamental Rights (FR) petitions.
The petitions were heard by a three-judge bench of the Supreme Court, consisting of Justices Preethi Padman Surasena, A. H. M. D. Nawaz, and Mahinda Samayawardena. The applicable ruling was then handed down.
On September 26, MP Prof. G.L. Peiris and MP Ranjith Madduma Bandara filed FR petitions on behalf of Samagi Jana Balawegaya, naming Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL), the Monetary Board, the Attorney General, the Secretary to the Ministry of Finance, among other respondents.
The decision to lower the interest rates offered while investing Employees’ Provident Fund (EPF) funds in government securities under the DDO programme has been criticised by the petitioners.
According to the petitioners, the EPF has active accounts for at least 2.5 million working people, and their money is primarily invested in treasury bills and bonds, which is a violation of the fundamental rights of the populace.
The petition further asserts that before authorising the Fund to take part in the DDO programme, the Monetary Board of the CBSL did not consult with the EPF members.
