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»  Rajgama Heroes !
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyYesterday at 12:06 pm by කිත්සිරි ද සිල්වා

» Coronavirus Updates
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyYesterday at 7:26 am by The Invisible

» Thread for News on CSE and SL Economy
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyYesterday at 7:17 am by The Invisible

» Access Engineering AEL Technical Analysis
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyYesterday at 7:14 am by The Invisible

» In the Meantime, Within Our Shores !
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyThu Jul 02, 2020 10:35 pm by කිත්සිරි ද සිල්වා

» Obituary Notice.
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyWed Jul 01, 2020 12:51 pm by කිත්සිරි ද සිල්වා

»  6000 Post Club , Celebration of a Great Milestone, Slstock
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyTue Jun 30, 2020 9:35 am by slstock

» LIOC.N0000 (Lanka IOC PLC)
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyTue Jun 30, 2020 8:00 am by LSE

» How to get Access to: 104 Technical trading experiments by HUNTER
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyMon Jun 29, 2020 9:35 am by nuwanmja

» Sri Lanka to monetize tens of billions of contractor bills
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptySun Jun 28, 2020 10:30 am by The Invisible

» 104 Technical trading experiments by HUNTER
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptySat Jun 27, 2020 10:27 pm by HUNTER

» CFVF - First Capital
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptySat Jun 27, 2020 10:22 pm by HUNTER

» RCL - Royal Ceramics
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptySat Jun 27, 2020 4:02 am by desh87

» Stocks - Banks Drag Wall Street Lower After Fed Buyback Ban; Dow Down 290
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyFri Jun 26, 2020 11:35 pm by nihal123

» Sri Lanka plans US$4bn PPP for LRT in place of Japan funded soft-loan project
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyThu Jun 25, 2020 8:57 pm by The Invisible

» PABC.N0000 (Pan Asia Banking Corporation PLC)
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyWed Jun 24, 2020 10:37 pm by seek

» JKH.N0000
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyWed Jun 24, 2020 9:33 pm by The Invisible

» Plantation sector updates
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyWed Jun 24, 2020 10:32 am by The Invisible

» Dividend Announcements
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyTue Jun 23, 2020 4:00 pm by Rana

» LOLC Holdings
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyMon Jun 22, 2020 3:40 pm by Rajapaksap

» Sri Lanka bank bad loans in March 2020 pick up to 5.1-pct
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyMon Jun 22, 2020 12:50 pm by The Invisible

» The Central Bank of Sri Lanka Further Reduces the Statutory Reserve Ratio
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyMon Jun 22, 2020 11:53 am by nihal123

» Sri Lanka tea prices pickup marginally mid June
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptySun Jun 21, 2020 8:11 pm by The Invisible

» කොළඹ කොටස් වෙළඳපොළ ඩිජිටල්කරණය කිරීමේ වැඩපිළිවෙල ඇරඹෙයි
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptySun Jun 21, 2020 12:55 pm by HUNTER

» Sri Lankans stock up, buy online in Covid-19 curfews, informal workers hard-hit: survey
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptySun Jun 21, 2020 9:34 am by The Invisible

» Sri Lanka chicken supplies to tighten after Covid-19 crisis, maize import controls
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptySun Jun 21, 2020 9:32 am by The Invisible

» S&P SL20 සමාගම් ලැයිස්තුවේ වෙනසක්.
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptySat Jun 20, 2020 7:56 am by slstock

» HNB රුපියල් බිලියන 5ක ණය යෝජනා ක‍්‍රමයක් දියත් කරයි
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyFri Jun 19, 2020 10:47 pm by nihal123

» SAMP.N0000 (Sampath Bank PLC)
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyFri Jun 19, 2020 1:08 pm by dakzsl

» HAYC - Haycarb
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyFri Jun 19, 2020 12:04 pm by Rational Investor

» විශාලම ලැයිස්තුගත සමාගම් 50 විනිවිදභාවය පිළිබඳ වාර්තාවක් එළිදැක්වෙයි
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyThu Jun 18, 2020 11:13 pm by nihal123

» HAYL.N0000 Hayleys PLC
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyThu Jun 18, 2020 7:53 pm by NIRMALSG

» GLAS.N0000 (Piramal Glass Ceylon PLC)
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyWed Jun 17, 2020 12:29 pm by nuwanmja

» Sri Lanka bank forex funding pressures, bad loans to rise after Covid-19: Fitch
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyWed Jun 17, 2020 10:43 am by The Invisible

» Sri Lanka telecom regulator asked find businesses to use Lotus Tower
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyWed Jun 17, 2020 10:33 am by The Invisible

» Gota's Era
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyTue Jun 16, 2020 2:40 pm by puliyanam

» Fitch Revises Ratings on 11 Sri Lankan Financial
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» Carlton Sports Network to resume broadcasts soon – Rohan Welivita
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyFri Jun 12, 2020 11:27 am by Rajapaksap

» සල්ලි අච්චු ගැසුවාද?
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyWed Jun 10, 2020 11:35 pm by nihal123

» වටිනා පාඩමක්!
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyWed Jun 10, 2020 9:58 pm by Backstage

» Sri Lanka’s General Election on August 05
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyWed Jun 10, 2020 3:08 pm by The Invisible

» Hayleys MGT
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyTue Jun 09, 2020 11:16 am by The Invisible

» AEL Access Engineering
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyTue Jun 09, 2020 11:08 am by The Invisible

» Sri Lanka import controls, cargo bottleneck hit apparel exporters
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyMon Jun 08, 2020 4:12 pm by The Invisible

» Sri Lanka tea prices ease lower, low growns drive May average to all time high
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyMon Jun 08, 2020 8:47 am by slstock

» Sri Lanka plans to allow tourists from August, no mandatory quarantine
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» Sri Lanka makes trillion rupee mini-budget till August under Presidential powers
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» HHL.N0000 ( Hemas Holdings PLC)
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyThu Jun 04, 2020 4:32 pm by Backstage

» LION.N0000 (Lion Brewery Ceylon PLC)
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyThu Jun 04, 2020 2:21 pm by The Invisible

» කොටස්--වෙළෙඳපොළ--වැසුවාද
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyWed Jun 03, 2020 9:49 pm by nihal123

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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.



See Also


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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



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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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