How is EPF and ETF calculated in Sri Lanka?
Break up of the Contribution Rate
- Employees’ Basic Pay + DA: Rs 50000.
- Employee contribution towards EPF: 12%*50000 = Rs 6000.
- Employer contribution towards EPF = 3.67% of 50000 = 3.67%*50000 = Rs 1835…. (
- Employer contribution in Employee Pension Scheme (EPS): 8.33% * 50000 = Rs 4165 …. (
What is the ETF percentage in Sri Lanka?
3%
The ETF contributions percentage is 3%. Every employer has to pay their ETF contributions monthly on behalf of their employees.
What is EPF and ETF in Sri Lanka?
As young adults entering the workforce, terms like Employees’ Provident Fund (EPF) and Employees’ Trust Fund (ETF) may often fly over our heads. According to the EPF Act, you, as an employee, have to contribute 8% of your salary each month to this fund, while your employer adds a further 12%.
What is ETF in salary?
Employee Trust Fund An employee is entitled to ETF from the first day of his/her employment irrespective of whether he/she is permanent, temporary, apprentice, casual or a shift worker. Similarly, employees working on piece rate, contract basis, and work performed basis of any manner are also eligible for membership.
How is EPF calculated in Sri Lanka?
Employee’s Contribution: 8% of the total monthly earnings (To be deducted from the employee’s salary/wage). Employer’s Contribution: An amount equivalent to 12% of total monthly income of the employee (To be paid totally by the Employer).
How do I calculate my ETF?
Calculating net asset value The NAV of the ETF is calculated by taking the sum of the assets in the fund, including any securities and cash, subtracting out any liabilities, and dividing that figure by the number of shares outstanding.
What is the EPF interest rate in Sri Lanka?
9.25 per cent
Sri Lanka’s largest private sector retirement fund, the Employees’ Provident Fund (EPF) has declared an interest rate of 9.25 per cent on member balances in 2019 after transferring Rs 7.7 billion to the Profit Equalisation Reserve, the Central Bank of Sri Lanka (CBSL), the fund’s custodian, stated in its latest annual …
How is ETF calculated?
Calculating net asset value The NAV of the ETF is calculated by taking the sum of the assets in the fund, including any securities and cash, subtracting out any liabilities, and dividing that figure by the number of shares outstanding. These data points, including what the fund is holding, are provided daily.
What is Sri Lanka ETF?
The Employees’ Trust Fund (ETF), a social security programme, was established on 1 March 1981 under the Act No. 46 of 1980 by the Parliament of the Democratic Socialist Republic of Sri Lanka to promote (i).
What is ETF Sri Lanka?
Who is eligible for ETF in Sri Lanka?
To be eligible, members should have been contributing to the Fund for at least five years. The maximum benefit is Rs. 25,000/- per year and the maximum amount of benefits is limited to Rs. 50,000/- per each member during the period of employment.
What is ETF price?
The ETF market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours. The net asset value (NAV) of an ETF represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.
Who is responsible for management of EPF in Sri Lanka?
The Administrative aspect of the EPF is handled by the Labour Department of Sri Lanka whilst the management of the funds is handled by EPF department of the Central Bank. According to the EPF Act, an employee is required to contribute a minimum of 8% and the employer a minimum of 12% of the total salary…
Which is the largest superannuation fund in Sri Lanka?
The Employees’ Provident Fund (EPF) was established under the EPF Act No.15 of 1958 (Act) as a mandatory defined contribution retirement scheme for the private and semi-government sector employees who do not enjoy pension benefits. Being the largest superannuation fund in Sri Lanka, EPF manages an asset base of Rs. 2,824 bn as at end 2020.
Who is the general administrator of Employees Provident Fund in Sri Lanka?
In terms of the provisions of the Act, the Commissioner of Labour acts as the general administrator of the Fund while the Monetary Board of the Central Bank of Sri Lanka (CBSL) is entrusted with the powers, duties and responsibilities to act as the custodian of the Fund.
How to register an employee provident fund ETF?
Steps to obtain Employee Trust Fund registration. The ETF does not have a separate registration procedure for making contributions. ETF contributions should also be made through the EPF registration number. For the purpose of ETF payments, Employers having over 15 employees should complete Remittance Advice R1 and employers having less