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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyTue Jan 14, 2020 4:14 pm by ipo

» LOLC Holdings
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyMon Jan 13, 2020 6:04 pm by smallville

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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptySun Jan 12, 2020 10:06 pm by subash

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» In the Meantime, Within Our Shores !
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptySun Jan 12, 2020 10:46 am by කිත්සිරි ද සිල්වා

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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyFri Jan 10, 2020 9:42 am by කිත්සිරි ද සිල්වා

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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyThu Jan 09, 2020 9:59 pm by nihal123

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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyWed Jan 08, 2020 4:32 pm by LSE

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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyTue Jan 07, 2020 2:05 pm by nihal123

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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyMon Jan 06, 2020 2:41 pm by කිත්සිරි ද සිල්වා

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» ඉරානයට කළ ප්‍රහාරයෙන් පසු යුරෝපයේ කොටස් වෙළඳපොළ රැසක් පහළ වැටෙයි
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptySat Jan 04, 2020 1:30 pm by nihal123

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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyFri Jan 03, 2020 11:55 am by nihal123

» 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 EmptyThu Jan 02, 2020 9:20 am by Admin

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» Thread for News on CSE and SL Economy
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» Sri Lanka’s LOLC Prepares to Sell Its Biggest Overseas Unit
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» Sri Lanka’s Cargills, Sampath, DFCC Bank says met lending rate ceilings
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» Dividend Announcement
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» Sri Lanka bank bad loans spike to 4.9-pct, non-banks 9.7-pct in Sept
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyWed Jan 01, 2020 9:29 am by The Invisible

» People’s Bank, Sampath, and DFCC face penalties
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyTue Dec 31, 2019 6:33 pm by nihal123

» NDB.N0000 (National Development Bank PLC)
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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyThu Dec 26, 2019 9:23 pm by spw19721

» Thought for the day...
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyThu Dec 26, 2019 3:41 pm by Topcat

» ඩොක්ටර් ඒලියන්ත වයිට්
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» Why (Happy) People Cheat?
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyWed Dec 25, 2019 8:34 pm by pjrngroup

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» 65 Ways to Make Money Online
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» ACL Cables
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptySat Dec 21, 2019 5:34 am by NIRMALSG

» 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 EmptyFri Dec 13, 2019 12:37 pm by serene

» Sri Lanka can resume high growth path, cut more taxes: Mark Mobius
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyThu Dec 12, 2019 9:29 am by The Alchemist

» රතු වැටෙනකොට
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyWed Dec 11, 2019 2:59 pm by කිත්සිරි ද සිල්වා

» Sri Lanka interest rates should go down, currency will not fall: Mark Mobius
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyWed Dec 11, 2019 11:18 am by The Invisible

» Equation of Happiness Solved
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Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyTue Dec 10, 2019 12:31 pm by Rana

» PABC.N0000 (Pan Asia Banking Corporation PLC)
Sri Lanka to up employer EPF contribution to 15-pct, start social security fund EmptyMon Dec 09, 2019 6:41 pm by soileconomy

» East West properties
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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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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)
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