Management and Administration of the Employees' Provident Fund
The Employees' Provident Fund (EPF) was established under EPF Act No. 15 of 1958 where the Monetary Board as the custodian of the Fund is vested with the responsibility of receiving contributions from employers, investing excess funds, maintaining proper accounts and paying benefits to members.
Responsibilities of the Monetary Board as the custodian of the Fund:
- Receive contributions, surcharges and income from investments
- Pay benefits to eligible members as determined by the Commissioner of Labour under the Act
- Invest excess funds in appropriate securities
- Pay interest on member balances
- Maintain general accounts and accounts with respect to each member
- Publish annual accounts
- Issue member account balance statements periodically
- Issue certificates for housing loan purposes and reimburse defaulted instalments to the respective lending institutions.
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EPF Act No 15 of 1958 and amendments >>
EPF ( Special Provisions) Law no.6 of 1975 and amendments >>
Re-registration of EPF members>>
Visit EPF website www.epf.lk for more information. |
