Highest ever EPF interest rate

Shirley WIJESINGHE

Members of the Employment Provident Fund (EPF) will be paid the highest first ever interest rate of 13.75 percent, for their contribution with effect from 2009, the Labour Relations and Productivity Promotion Ministry announced.

This is a 0.55 percent increase above the previous rate of 13.20 percent for 2008.

This new rate encourages EPF Holders to retain their contribution in the EPF other than deposit in Banks seeking high interest rates for their money, Ministry sources said.

EPF funds can be satisfactorily invested in the development projects.