The Employees Provident Fund (EPF) asset base crossed the Rs 900 billion mark for the first time in its history.
According to the CB Governor, the emergence of new employment opportunities in recent times and the increase of salaries in the private sector had a direct impact in boosting the EPF asset base, Central Bank Governor Ajith Nivard Cabraal said.
He pointed out that the cumulative EPF assets which stood at Rs.379 billion in 2004 had more than doubled by the end of 2010. This is another indication of the rapid strides made by the Sri Lankan economy in recent times, he added.
According to the Central Bank the number of active member accounts which stood at two million in 2004 had increased to 2.3 million in 2010.
The EPF assets in 2004 was Rs 379 billion, in 2005 Rs 427 billion, in 2006 Rs 490 billion, in 2007 Rs 560 billion, in 2008 Rs 653 billion and in 2009 Rs 769 billion.
The number of active member accounts rose as follows, in 2004 and 2005 – two million, 2006 to 2009 2.1 million and at the end of 2010 2.3 million.