Sri Lanka, April 28 -- In a significant move aimed at bolstering the financial security of employees, the Sri Lankan government has announced measures to raise the interest rate on the Employees' Provident Fund (EPF) to a 3% for the fiscal year 2023. This substantial increase from the previous 9% comes on the heels of the fund's exceptional investment performance.

State Minister of Finance, Ranjith Siyambalapitiya, unveiled the decision, emphasizing the government's commitment to ensuring better returns for EPF contributors. Siyambalapitiya attributed the remarkable rise in the interest rate to the fund's successful investment strategies and prudent financial management.

The EPF, a retirement savings scheme mandatory for private sector ...