Ceylon FT: The country's largest superannuation fund, the Employees' Provident Fund (EPF), grew 13.6% to Rs 1.3 trillion in 2013, up from Rs 1.14 trillion the previous year, the Central Bank's 2013 Annual Report showed.
Total contributions to the fund amounted to Rs 80.5 billion in 2013, up 14.7% from 70.2 billion the previous year, and refunds grew 3.1% to Rs 50.2 billion.
Total income on investments grew to Rs 136.65 billion in 2013, up from Rs 121.4 billion the previous year.
Interest income grew to Rs 105 billion, from 90.9 billion the previous year.
Capital gains from equity investments fell to Rs 113 million in 2013, down from Rs 1.02 billion the previous year.
Dividend income grew to Rs 3.22 billion, up from Rs 1.99 billion the previous year.
The EPF has not issued an annual report since 2010.
The fund's investment portfolio consists of 92.5% in government securities and 5.8% in listed stocks and 1.2% in corporate debt.
With market interest rates remaining high throughout 2013, the fund was captive source of cheap funds.
Workers were paid an effective interest rate of 11.14% on the EPF balances in 2013, the lowest since 2007.
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The number of member accounts grew 2.7% to 15 million with contributing member accounts growing 4.3% to 2.4 million.
Total contributions to the fund amounted to Rs 80.5 billion in 2013, up 14.7% from 70.2 billion the previous year, and refunds grew 3.1% to Rs 50.2 billion.
Total income on investments grew to Rs 136.65 billion in 2013, up from Rs 121.4 billion the previous year.
Interest income grew to Rs 105 billion, from 90.9 billion the previous year.
Capital gains from equity investments fell to Rs 113 million in 2013, down from Rs 1.02 billion the previous year.
Dividend income grew to Rs 3.22 billion, up from Rs 1.99 billion the previous year.
The EPF has not issued an annual report since 2010.
The fund's investment portfolio consists of 92.5% in government securities and 5.8% in listed stocks and 1.2% in corporate debt.
With market interest rates remaining high throughout 2013, the fund was captive source of cheap funds.
Workers were paid an effective interest rate of 11.14% on the EPF balances in 2013, the lowest since 2007.
www.ceylontoday.lk
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