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The Employees' Provident Fund, abbreviated to EPF, is a social security scheme of employees in Sri Lanka under the Central Bank of Sri Lanka. It was established under Act No. 15 of 1958 by S. W. R. D. Bandaranaike , [ 3 ] and as of December 2010, it had Rs 899.6 billion, which is equivalent to 16% of the GDP. [ 4 ]
Legally, the EPF is only obligated to provide 2.5% dividends (as per Section 27 of the Employees Provident Fund Act 1991). [8] The EPF claims that the lowered dividend is the result of its decision to invest in low-risk fixed revenue instruments, which produce lower returns but maintains the principal value of its members' contributions.
The Sri Lankan economic crisis [8] is an ongoing crisis in Sri Lanka that started in 2019. [9] It is the country's worst economic crisis since its independence in 1948. [9] It has led to unprecedented levels of inflation, near-depletion of foreign exchange reserves, shortages of medical supplies, and an increase in prices of basic commodities. [10]
The Sri Lanka People's Freedom Alliance (SLPFA), led by Mahinda Rajapaksa, won a large majority in the 2020 Sri Lankan parliamentary election on 5 August 2020. [14] During their tenure, the government under President Gotabaya Rajapaksa and Prime Minister Mahinda Rajapaksa faced multiple crises, including the COVID-19 pandemic and an economic crisis, which culminated into widespread protests ...
[citation needed] The countries with the highest pension gender gaps are Cyprus, Germany, the Netherlands, and Austria, and 14 EU member states have a pension gender gap of at least 30%. [ citation needed ] However, Eastern European countries have a smaller pension gender gap due to less pronounced gender differences in part-time work usage. [ 65 ]
The report notes that 11.2 million older adults spent over 30% of their income on housing in 2021, and only 36.5% of eligible households received federal housing assistance.
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The 2024 Sri Lankan presidential election was the ninth presidential election in the country’s history and was held on 21 September 2024. [3] [4] Incumbent President Ranil Wickremesinghe ran for re-election as an independent candidate, making him the first sitting president to run for re-election since Mahinda Rajapaksa in 2015.