Epf Contribution To Increase...!!

[seeker]

Guys,

Saw this article in today's DM....

Apparently, they are trying to "celebrate" EPF's 50 years service in keeping with the present trends....

Increase in EPF soon

The Government is considering an increase in the Employment Provident Fund (EPF) contribution of both the employer and the employee in the very near future. Accordingly the employers’ contribution is to be increased to 13 percent and the employees contribution to 10 percent.

“Discussions are underway to increase the EPF contribution from the current 12 percent contribution from the employer and 8 percent from the employee,” Labour Minister Athauda Senviratne told the Daily Mirror yesterday.

He said that the ministry is planning to introduce a new policy to the EPF for the next fifty years as the EPF completes 50 years this year. “We would include the new contribution systems of the EPF under the new policy,” he said.

The minister also said that under the new policy, financial support would be given for accidents, building houses and for higher education.

[gunat]

They forgot to mention new policy to support politicos, their goons, families, rampant sons, failing airlines, and...NEW CARS.

[seeker]

They forgot to mention new policy to support politicos, their goons, families, rampant sons, failing airlines, and...NEW CARS.

True.. from what I've heard, the wealth within EPF was simply getting wasted due to lack of competent fund management / investment personnel.... infact, this should have been one place where some of the best brains in Finace & Economics should have ended up in...

[2F2F]

They forgot to mention new policy to support politicos, their goons, families, rampant sons, failing airlines, and...NEW CARS.

True.....

[Watchman]

shows that the government is desperate for money... searching under every carpet for every last penny it can find...

unlike simply collecting this money, i think think they've considered the fact that this money needs to go back to the people at some point of time...ssiigghhh

[Devinda_Z]

shows that the government is desperate for money... searching under every carpet for every last penny it can find...

unlike simply collecting this money, i think think they've considered the fact that this money needs to go back to the people at some point of time...ssiigghhh

the sum of ppl & as such the volume of contributiong to the EPF/ETF will always be greater than the value being paid out , as such they stand to gain a whole lot more by increasing the pool of funds using this rate increase scheme