Press briefing of Cabinet Decision taken on 2023-08-07

Amendments to the Employees' Provident Fund Act, No.15 of 1958 to guarantee the rate of interest on the contributions of the members of the Employees' Provident Fund

- The Government has identified the necessity to ensure the retirement payments and benefits of the members of the Employees' Provident Fund without causing an impact on the same through the optimization of the Treasury Bonds held by the said Fund under the Domestic Debt Optimization Programme. Accordingly, the proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to take necessary action to amend the Employees' Provident Fund Act, No.15 of 1958 so as to guarantee the minimum annual rate of interest on contributions as 9% for the next period of time of four years from 2023 to 2026, taking into consideration the percentages of annual interest benefit paid to the members of the Employees' Provident Fund within the recent period of five years, was approved by the Cabinet.