Introduction
The Employees’ Provident Fund was established under the Employees’ Provident Fund Act No. 15 of 1958 as a mandatory contribution retirement scheme for private and semi-government sector employees who are not entitled to government pension benefits.
The primary objective of the EPF is to ensure the social security of Sri Lanka by providing financial stability to employees during their retirement.
As per the Employees’ Provident Fund Act, employees are required to contribute a minimum of 8%, and employers are obligated to contribute a minimum of 12% of the total earnings of the employees’ monthly salary to the fund. This combined contribution of 20% aims to build a comprehensive retirement fund.
The Employees’ Provident Fund goes beyond offering retirement benefits; it also facilitates employees with pre-retirement benefits through a housing loan scheme and allows for a 30% partial withdrawal for housing and medical needs.
Within the Employees’ Provident Fund division, seven branches are maintained to ensure better service for its members.