Employers’ Network on Social Security

Series: Labour Markets & Employment

Start Date: August 21, 2024

The pandemic highlighted the urgent need for a robust and effective social protection system, revealing that many private-sector social security schemes were unable to adequately respond to the crisis. Developing comprehensive social protection systems requires strategies and policies that prioritise sustainability. In Sri Lanka, several issues need attention, particularly regarding the repositioning of social security systems in the private sector. Employers must play a key role in the policy debate and ensure that these schemes are both fit for purpose and well-managed.

Currently, employers perceive the system as relatively costly and believe it does not deliver the expected benefits to the beneficiaries. Moreover, the governance of the social security system lacks proper representation of employers on the Boards of key social security institutions, such as the Employees’ Provident Fund (EPF) and the Employees’ Trust Fund (ETF). Against this backdrop, this study aims to analyse the issue of non-representation of employers on the EPF and ETF Boards, while examining the most critical reforms needed to improve the effectiveness of Sri Lanka’s social security system.