Sri Lanka, Feb. 12 -- The Cabinet of Ministers has approved the selection of an integrator to implement a new Employee Provident Fund (EPF) Management System under the Financial Sector Modernization Project of the World Bank Group.

The EPF, Sri Lanka's largest pension fund, manages 21.5 million member accounts and 77,000 active employers, with total assets reaching Rs. 4.2 trillion by October 2024. The fund has recorded an annual asset growth of over 9% in recent years.

Recognizing the need for a modern IT system to efficiently handle high volumes of transactions and user data, a project was initiated in 2021 with consultation from PricewaterhouseCoopers Private Limited in India. The Cabinet approved the proposal presented by President ...