Insured workers are eligible for old age benefit (pension) when they reach the age of 55 years (50 years for women workers), or when they retire from the covered employment and join public service, on the marriage of an employed women, on emigrating from Sri Lanka permanently, on permanent disability or on the closure of a workplace by government orders. The required contribution by dividend is at least 10 years.
The amount of old-age benefit is a lump sum of employee and employer contributions plus interest. Dividend benefit is 1,000 rupees per year.
Under the Employees' Provident Fund Act, an employee’s contribution is 8% of his/her total earnings while employer’s contribution is 12% of worker’s earnings. Employer is required to remit 20% of the total employee earnings to the EPF department of the Central Bank of Sri Lanka before the last day of the next month.
Source: §10 & 23 of Employees' Provident Fund Act, 1958
Dependents' / Survivors' Benefit
The laws provide survivor benefit to nominee or legal heirs if the fund member dies before retirement. The benefit is paid to one or more eligible survivors as a lump sum of the total employee and employer contributions plus interest.
Source: §25 of the Employees' Trust Fund Act, 1980
The Employees' Trust Fund Act, 1980 provides for invalidity benefit in the case of non-occupational accident/injury/disease resulting into permanent invalidity. The benefit is paid as a lump sum of the total employee and employer contributions plus interest. The worker must be assessed with a permanent and total incapacity for work.
Source: §24 of the Employees' Trust Fund Act, 1980