Govt. to raise EPF interest rate from 9% to 13%: Siyambalapitiya

Monday, 29 April 2024 02:00 - - {{hitsCtrl.values.hits}}

State Minister of Finance Ranjith Siyambalapitiya

State Minister of Finance Ranjith Siyambalapitiya announced significant steps to boost the interest rate of the Employees’ Provident Fund (EPF) from 9% to 13%.

Addressing concerns raised by stakeholders regarding the fund’s sustainability, he emphasised the Government’s commitment to enhancing EPF benefits.

Siyambalapitiya dismissed allegations of EPF mismanagement in the past, labelling them as baseless.

“The Government’s decision to increase the interest rate to 13% for the year 2023 surpasses the rate set by Parliament, demonstrating its dedication to EPF members’ financial well-being,” he said during a meeting held in the Yatiyantota in Kegalle district, in response to inquiries from journalists.

Highlighting the EPF’s pivotal role as the largest fund in the country, with over 2.7 million active members, the State Minister acknowledged challenges in debt restructuring related to the fund.

However, he assured that the Government has devised reasonable solutions to address these challenges effectively.

Addressing critics, Siyambalapitiya noted a noticeable silence among those who previously accused the Government, suggesting that the decision to offer a 13% interest rate for 2023 would send a positive message to EPF members.