Cabinet gives nod to amend EPF Act

The Cabinet of Ministers has approved a proposal to amend the Employees’ Provident Fund (EPF) Act to maintain a minimum of 9% annual interest rate within the next four years.

Accordingly, the Cabinet on Monday (07 August) approved the resolution submitted by President Ranil Wickremesinghe, in his capacity as the Minister of Finance, Economic Stabilization and National Policies, to take all required measures to amend the EPF Act No. 15 of 1958, ordering that the minimum annual interest rate on the contribution within the next four years, from 2023 -2026, should at least be 9%.

The move was made upon consideration of the annual interest benefit percentages paid for EPF members over the last five years.