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ஜெனரல்
In 2023, Sri Lanka's Employees Provident Fund (EPF) experienced a significant shift as net contributions turned negative for the first time. Contributions rose to 210.6 billion rupees, up 8.2 percent from the previous year, while refunds surged to 215.9 billion rupees, surpassing contributions. This trend has been anticipated for over two decades due to demographic shifts and increased government spending on salaries, exacerbated by monetary instability and currency crises. Despite these challenges, the EPF's value increased by 11.5 percent to 3,857.4 billion rupees, with total liabilities reaching 3,817.9 billion rupees. To address the situation, the government has decided to pay EPF holders a 13 percent interest rate from the fund's earnings, aiming to stabilize member balances and ensure continued support for retirees.
The EPF's transition to negative net contributions in 2023 highlights the long-anticipated demographic and fiscal challenges facing Sri Lanka. With refunds surpassing contributions, compounded by increased government spending on salaries and monetary instability, the EPF faces pressure to maintain member balances. Despite these obstacles, the fund's value saw an 11.5 percent increase, reaching 3,857.4 billion rupees, albeit with liabilities rising to 3,817.9 billion rupees. In response, the government has committed to paying EPF holders a 13 percent interest rate from earnings, signaling efforts to stabilize member accounts and ensure the fund's sustainability in supporting retirees and members alike.
