INSUBCONTINENT EXCLUSIVE:
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
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
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.
