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EPF value doubles

Feb 16, 2011 2:18:35 AM - itnnews.lk

The total value of the Employees Provident Fund has risen to 900 Billion Rupees.

The Central Bank said this was the highest value of the Fund. This surge is attributed to the generation of more new jobs and a hike in the salaries of the Private Sector. The value of the Employees Provident Fund in 2004 was only 379 Billion Rupees. The value increased two fold even before five years had passed. The Central Bank asserted that this indicates the growth of the local economy. The EPF was launched ensuring the retired life of employees of the Private Sector It is being managed by the Central Bank on behalf of the Government. In 2004, there were two million rupees. This figure has increased to 2.3 million in five years.