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ஜெனரல்
Data from the Central Bank showed that in 2023 the EPF net contribution recorded a negative value of Rs. 5.3 billion, which is a 116 percent contraction from the Rs. 31 .6 billion recorded in 2022.
Central Bank Senior Deputy Governor T. M. J. Y. P. Fernando attributed the increased number of withdrawals from the EPF to public uncertainty regarding the economy.
The Central Bank attributed the negative net contribution to the Employment Provident Fund (EPF) in 2023, amounting to a Rs. 5.3 billion deficit, a stark 116 percent contraction from the Rs. 31.6 billion surplus recorded in 2022—to public skepticism regarding the economy's trajectory. Senior Deputy Governor T. M. J. Y. P. Fernando highlighted that increased withdrawals, possibly driven by economic uncertainty, contributed to this trend. Despite a consistent history of net contributions ranging between Rs. 30-40 billion over the past five years, 2023 saw a deviation, marked by a surge in refunds, which expanded by 32.4 percent to Rs. 215.9 billion, alongside an 8.2 percent growth in contributions, totaling US$ 210.6 billion. Fernando noted that economic hardships likely influenced members' decisions, with more individuals opting to withdraw funds instead of allowing them to accumulate interest, a behavior not typical of previous years. However, signs of normalization have emerged in 2024, with monthly contributions returning to previous levels of surplus over refunds. In 2023, the EPF's total value grew by 11.5 percent to Rs. 3,857 billion, indicative of its continued significance within the economic landscape.
