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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyYesterday at 8:53 pm by nihal123

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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyYesterday at 12:02 pm by nuwanmja

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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyThu Feb 20, 2020 6:47 pm by NIRMALSG

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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyThu Feb 20, 2020 5:52 pm by Rana

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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyThu Feb 20, 2020 12:45 pm by Backstage

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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyThu Feb 20, 2020 9:57 am by nuwanmja

» Happy Birthday
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» Thread for News on CSE and SL Economy
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyWed Feb 19, 2020 4:46 pm by mymoney

» Gota's Era
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyWed Feb 19, 2020 1:04 pm by කිත්සිරි ද සිල්වා

» හොදට තිබුණ රටක්
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyWed Feb 19, 2020 9:46 am by කිත්සිරි ද සිල්වා

» In the Meantime, Within Our Shores !
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyMon Feb 17, 2020 12:40 pm by කිත්සිරි ද සිල්වා

» How does the stock market work?
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyMon Feb 17, 2020 11:07 am by කිත්සිරි ද සිල්වා

» An ex-businessman, now bankrupt,
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptySun Feb 16, 2020 9:24 pm by Backstage

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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyThu Feb 13, 2020 1:50 pm by කිත්සිරි ද සිල්වා

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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyWed Feb 12, 2020 11:47 pm by nihal123

» LOLC Holdings
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyWed Feb 12, 2020 6:19 pm by NIRMALSG

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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyThu Feb 06, 2020 8:33 pm by nihal123

» VPEL.N0000 (Vallibel Power Erathna PLC)
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyThu Feb 06, 2020 11:29 am by කිත්සිරි ද සිල්වා

» Obituary Notice.
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyThu Feb 06, 2020 10:47 am by කිත්සිරි ද සිල්වා

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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyTue Feb 04, 2020 12:53 pm by කිත්සිරි ද සිල්වා

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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyMon Feb 03, 2020 9:15 pm by serene

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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyMon Feb 03, 2020 12:29 pm by nihal123

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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptySat Feb 01, 2020 6:16 am by serene

» BPPL Holdings Limited
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyFri Jan 31, 2020 8:41 pm by pathfinder

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» EPF ආයෝජනයට සූදානම්
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyThu Jan 30, 2020 10:13 pm by nihal123

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» Browns Investments update
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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyWed Jan 08, 2020 10:48 pm by The Invisible

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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund

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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund Empty Sri Lanka to up employer EPF contribution to 15-pct, start social security fund

Post by The Invisible on Wed Dec 18, 2019 2:46 pm



ECONOMYNEXT- Sri Lanka will raise the contribution by employers to the Employees’ Provident Fund (EPF) to 15 percent from the current 12 percent, and start a social security scheme for public and private sector workers who become unemployed, a government policy document said.

At the moment Sri Lankan workers contribute 8 percent of their salary to the EPF and the employer contributes 12 percent on top of the salary.

However, some employers reduce their contribution by giving employees ‘non-EPF’ money such as allowances by justifying them as company operating expenses.

The payouts from the EPF have been increasing in recent years as Sri Lanka’s workers are ageing quickly, reducing ‘captive’ funds available to bridge the budget deficit.

However higher salaries and expanding formal sector employment could boost EPF inflows.

The 2020-2025 policy said all firms will have to “to report the recruitment of new employees to the Department of Labour within one week.”

In 2018, inflows to the EPF grew 8.8 percent to 145 billion rupees from 133.3 billion a year earlier, while refunds to members and their heirs fell 8.1 percent to 108 billion rupees.

Net contributions were 37 billion rupees compared to 15.8 billion a year earlier.

The Rajapaksa administration’s 2025 policy document said “an insurance scheme for public and private sector employees who become unemployed” would be introduced.

There was no mention of the contribution rate for social security.



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Sri Lanka gets World Bank loan, EU grant to boost public sector



Asian markets mostly rise but dealers show signs of slowing



Sri Lanka’s McLarens Holdings eyes automobile component manufacture














Both social security and higher EPF contributions would raise operating costs of formal domestic businesses and export industries, almost all of whom are in the formal sector.

However the collapse of the rupee from 2015 to 2018 from 131 to 182 to the US dollar by the central bank has reduced real wages of firms.

A new social security fund and higher EPF contributions will provide more resources to bridge the deficit.

Sri Lanka’s state revenues are expected to be under pressure after value added tax was slashed from 15 to 8 percent from December. (Colombo/Dec17/2019)
The Invisible
The Invisible

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