Nov 18, 2014 (LBO) – Sri Lanka’s Employee’s Provident Fund’s unrealized profits of the share portfolio of investments in equity passed 14 billion rupees on Novemebr this year, Central Bank said in a media release. The bank says the mark to market value of EPF’s investments in equities as at 14 November 2014 comfortably exceeded 14 billion rupees, in the background of the favourable equity market performances.
The EPF has also realized 6.7 billion rupees by way of dividends, debenture interest and capital gains from its investments in equities and corporate debt instruments, to date this year.
During the first half of 2014, there were allegations levelled at the Employee Provident Fund or EPF that its share portfolio had suffered large unrealized losses during the period spanning early 2012 to early 2014 the bank said in an earlier press statement in September.
The EPF has long been used resource to finance a state budget deficit and is generally known as a ‘captive source’. It is managed by the state.
Under the EPF law, when a contributor reaches 55 years (50 for females or when they get married) a lump sum withdrawal can be made.
Data shows the EPF earnings of 112.3 billion rup