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Monday, March 14, 2011 - 06.02 GMT |
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EPF reaches Rs.900 bn in 2010 |
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The Employees’ Provident Fund (EPF) recorded another year of noteworthy performance in 2010. During the year, the member contributions rose by 12.5 per cent and the number of active members of the Fund increased by 9.5 per cent reflecting the increased new employment opportunities in the economy, said the Central Bank.
EPF received Rs. 54.8 billion as member contributions and paid-out Rs. 34.9 billion as refunds to the members and their legal heirs in 2010. The gross income of the Fund was Rs. 121.3 billion, which was 10.6 per cent higher compared to that of the preceding year.
The Funds investment policy continued to be focused on long-term positive rate of real return to the members while ensuring the safety of the Fund. Accordingly, more than 94 per cent of the funds have been invested in Government securities as a result of which, interest income and amortization gains were the main sources of income to the Fund. During 2010, EPF earned Rs. 118 billion from its investments in Government securities.
By end 2010, the total value of the Fund reached Rs. 900 billion registering a growth of 16.9 per cent over that of 2009. At the same time, the EPF has been able to appropriate an interest rate of 12.5 per cent on the year-end member balances, which is a very attractive rate under the current low interest rate environment.
During 2011, the total value of the Fund is expected to surpass Rs. 1,000 billion (Rs. 1 trillion) mark through its income from investments and member contributions.
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