Sri Lanka EPF contributors fall 300,000 in 2010

May 22, 2010 (LBO) - Active contributors to Sri Lanka's Employees' Provident Fund (EPF) of private sector workers dropped by 300,000 in 2009, a year in which the country went through an economic downturn, official data showed.
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EPF's active accounts dropped 12 percent to 2.0 million from 2.3 million a year earlier. Contributing companies and employers fell by 2,625 to 60,000, down 4.2 percent from a year earlier, according to data published in the central bank's annual report.

In 2008 contributing members increased 2.

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18 percent to 2.3 million while contributing employers rose from 61,116 to 62,625.
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The fund also had 10.68 million inactive accounts in 2009 to which contributions were no longer made, up from 10.

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16 million a year earlier.

According to official statistics however economic output grew by 3.

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5 percent, though international trade collapsed and state revenues, which are related to economic activity, plunged.

Many companies especially in exports stopped hiring last year and allowed people leave.

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Others actively downsized and some closed down.

The contributors to EPF represent the formal sector in business.

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According to Sri Lanka's department of Census and Statistics Sri Lanka's economy
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