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The Employees' Provident Fund, abbreviated to EPF, is a social security scheme of employees in Sri Lanka under the Central Bank of Sri Lanka.It was established under Act No. 15 of 1958 by S. W. R. D. Bandaranaike, [3] and as of December 2010, it had Rs 899.6 billion, which is equivalent to 16% of the GDP. [4]
The Employees' Trust Fund (ETF) is a social security programme established on 1 March 1981 under the Act No.46 of 1980 by the Parliament of the Sri Lanka. [ 1 ] Contribution
Private provident funds existed in the private sector, with some companies contributing on a voluntary basis until 1958, when the Employees' Provident Fund was established by S. W. R. D. Bandaranaike following the enactment of the Employees' Provident Fund Act No 15 of 1958 which established the Employees' Provident Fund which made it compulsory for all employers and employees to contribute if ...
Employees' Provident Fund (Sri Lanka) This page was last edited on 21 April 2024, at 10:05 (UTC). Text is available under the Creative Commons Attribution ...
The salary distribution is right-skewed, therefore more than 50% of people earn less than the average gross salary. ... Sri Lanka: Rs 65,100 [109] Rs 59,900 [110] 0. ...
Scheme II (without deductions) + 12% of basic salary for epf or social security : 30% ₹ 1,000,001 & + Scheme I (with deductions) 30% ₹ 1,500,001 & + Scheme II (without deductions) + 12% of basic salary for epf or social security . 4% cess [clarification needed] and highest surcharge of 25% is applied on income tax. This makes the effective ...
The minimum wage set by the government for 2025 is $470 per month without social benefits. Workers receive mandatory 13th and 14th salaries, paid vacations and reserve funds equal to an additional salary after one year of continuous work. [83] 7,124: 11,679. 40 3.43: 5.61. 103.9 % 1 Jan 2025 Egypt
Under VK's leadership, the NUW grew to become one of the leading trade unions in Sri Lanka, boasting nearly 500,000 members. It played a key role in the labour movement within the tea plantations. VK notably identified the distinction between the Employment Provident Fund (EPF) and service gratuity and successfully brought this issue before the ...