Assets of the Employees Provident Fund reach Rs 3.1 trillion amid the Covid crisis

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Assets of the Employees Provident Fund reach Rs 3.1 trillion amid the Covid crisis


Mon, Nov 29, 2021, 11:28 am SL Time, ColomboPage News Desk, Sri Lanka.

Nov 29, Colombo: The Central Bank of Sri Lanka says that the assets of the Employees Provident Fund (EPF), the largest retirement fund in the country, have exceeded Rs. 3.1 trillion despite the Covid crisis.

According to the Central Bank, the EPF is the largest superannuation fund in Sri Lanka which operated with an asset base of Rs. 3.1 trillion as at end August 2021.

The Central Bank says the assets of the EPF, which stood at Rs. 2714.4 billion at the end of the first eight months of 2020, increased to Rs. 3,062 billion at the end of the first eight months of this year and this was due to the increase in total member contributions.

According to the latest report “Recent Economic Developments : Highlights of 2021 and Prospects for 2022” released by the Central Bank, the total number of member accounts of EPF reached 19.8 million in December 2020. Total member contributions during the eight months ending August 2021 increased by 2.3% to Rs. 101.8 billion whereas refund payments decreased by 2.3% to Rs. 72.1 billion.

In comparison, total member contributions and refund payments were Rs. 99.5 billion and Rs. 73.8 billion, respectively, in the corresponding period of 2020. Accordingly, the net contribution during the period under review stood at Rs. 29.7 billion.

The total investment of the Employees Provident Fund is Rs. 3037.9 billion. Of this total, 93.7 percent was invested in government securities. The estimated gross investment income of the Fund during the eight months ending August 2021 is Rs. 211.2 billion, which is an increase of 22.4% compared to Rs. 172.5 billion recorded in the corresponding period of 2020.

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