The Employees Provident Fund (EPF) has actually enhanced its position as the leading entity in the superannuation sector, accounting for 81.0% of the sectors amount to properties by the end of 2024.
The Funds net worth increased by 12.6% year-on-year to Rs.
4,375.7 billion, up from Rs.
3,886.7 billion in 2023, primarily driven by robust investment returns and a rebound in net contributions.Total contributions gotten during 2024 increased by 11.3% to Rs.
234.4 billion, while refund payments to members and legal heirs fell by 12.9% to Rs.
188.1 billion.
This shift equated into a positive net contribution of Rs.
46.3 billion for the year, a considerable turnaround from the Rs.
5.3 billion net outflow taped in 2023.
The EPF tape-recorded an investment income of Rs.
513.8 billion in 2024, marking a 6.8% increase from Rs.
481.1 billion the previous year.
Interest earnings, the Funds main income stream, increased by 2.9% to Rs.
455.1 billion.
Dividend earnings rose by 82.9% to Rs.
5.5 billion, while net reasonable value gains from listed equity investments more than doubled to Rs.
49.2 billion.The Fund preserved a business expenses to gross earnings ratio of just 0.6%, demonstrating ongoing operational efficiency.
Its tax expense climbed up to Rs.
64.1 billion, showing greater investment earnings.In light of the Funds performance, the Governing Board of the Central Bank has authorized an interest rate of 11.00% on member balances for 2024, based on the approval of the Ministers of Labour and Finance.These information were disclosed in the Central Bank of Sri Lankas Annual Economic Review 2024.