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EPF value increases

Jan 20, 2011 4:11:57 AM - itnnews.lk

The total value of the Employees Provident Fund has increased. The Central Bank attributed this to the many new jobs generated.

The current asset base of the EPF has risen to 900 Billion Rupees. The Central Bank said it is the highest value achieved by the EPF. The generation of many jobs and the increase in the salaries of the Private Sector employees are directly attributed to this surge. In 2004 the value of EPF was 379 Billion Rupees. The value has increased two fold within five years. The Central Bank said this indicates the development in the economy. The EPF Department was setup for the security of retired life of the employees in various private sector organizations.

In 2004 the number of active EPF members was two million. The Central Bank points out that it has increased to 2.3 million in the past few years.