A proposal to alter the Employees’ Provident Fund (EPF) Act has been adopted by the Cabinet of Ministers in order to maintain a minimum 9% annual interest rate over the following four years.
As a result, the resolution to take all necessary steps to amend the EPF Act No. 15 of 1958 was approved by the Cabinet on Monday, August 7. The resolution mandates that the minimum annual interest rate on the contribution within the next four years, from 2023 to 2026, should at least be 9%. It was submitted by President Ranil Wickremesinghe in his capacity as the Minister of Finance, Economic Stabilisation, and National Policies.
The decision was made after taking into account the five-year average of the yearly interest benefit percentages paid to EPF members.
