The Employees’ Provident Fund Act will be amended to ensure at least a 9% annual interest rate to EPF members, Cabinet Spokesman Minister Bandula Gunawardene said today.
Addressing the weekly Cabinet media briefing, Minister Gunawardene stated that the amendment will see at least a 9% annual interest rate for the next four years from 2023.
Issuing the Cabinet decision in this regard, the government stated that it has recognized the requirement of ensuring the payments and benefits of the Employees’ Provident Fund (EPF) without any burden to the pension payments and benefits of the members of that fund due to the local treasury bonds idealizing programme.
Therefore, considering the annual interest benefit percentages paid for the members of the EPF during the past five years period, the Cabinet of Ministers has approved the proposal submitted for taking necessary measures to amend the Employees’ Provident Fund Act No. 15 of 1958.
The proposal submitted by the President, in his capacity as the Minister of Finance proposes that the minimum annual interest rate on the contribution within the next four (04) years from 2023 -2026 should at least be 9%. (NewsWire)
