Sri Lanka, Feb. 11 -- The Cabinet of Ministers has granted approval for the creation and implementation of a new Employees' Provident Fund (EPF) Management System.

The Employees' Provident Fund, the largest pension fund in Sri Lanka, has a total of 21.5 million member accounts and 77,000 active employers who remit the contribution.

At the end of October 2024, the total asset of this fund has been Rs. 4.2 trillion, and the fund has achieved continuous growth in the past few years, recording an annual growth rate of more than 9% in its assets.

In order to smooth the functioning of the activities of the Employees' Provident Fund, the requirement of an information technology system capable of handling a large number of user accounts and a ...