Sri Lanka EPF & ETF Contribution Calculator

About the Sri Lanka EPF & ETF Contribution Calculator

Work out the contributions to Sri Lanka's two employee funds on a month's pay: the employee's Employees' Provident Fund (EPF) contribution of 8% taken from the pay, and the employer's own 12% to the EPF and 3% to the Employees' Trust Fund (ETF) paid on top. Enter the salary, wages or fees and the allowances the EPF Act counts as earnings, and see each contribution, the pay after EPF, the employer's total cost and the surcharge when a payment is late.

A projection then follows your EPF and ETF balances year by year, with the interest rates and pay rise you choose: it starts from the rate the EPF credited on members' balances in its financial statements and the interest and dividend the ETF Board credited in its annual report. Nothing you type leaves your browser.

Without a pass the page shows a free preview of your own result: your earnings, the rates, the due date and the checks, with every computed amount hidden until you unlock it with a Premium pass.

What counts as total earnings

The EPF Act's "earnings" are wages, salary or fees; cost-of-living, special living and similar allowances; payment for holidays; the cash value of cooked or uncooked food the employer provides; meal allowances; and other remuneration the regulations prescribe (EPF Act, section 47). The EPF also lists commissions, piece rates and contract payments. Overtime and expense reimbursements are not in those lists. The ETF is worked out on the same total earnings (ETF Board).

Who pays what, and when

Each month the employee contributes at least 8% of total earnings to the EPF, deducted from the pay, and the employer at least 12% of its own (sections 10 and 11 of the EPF Act): 20% in all. Higher rates apply when both elect them by notice, and the election cannot be undone. The employer also pays 3% of total earnings to the ETF and may not deduct it from the pay (ETF Act, section 16). Both funds expect the month's contributions by the last working day of the next month. Employers with 50 or more employees file their EPF returns electronically, and employers with 15 or more pay and file the ETF electronically.

Late-payment surcharges

A contribution that reaches the fund late, or is paid short, carries a surcharge on the amount due, worked out the same way by the EPF and the ETF Board:

• up to 10 days: 5%;
• 11 days to one month: 15%;
• one to three months: 20%;
• three to six months: 30%;
• six to twelve months: 40%;
• more than twelve months: 50%.

Interest and the projection

Each year the EPF credits interest on members' balances at a rate the Monetary Board fixes with the Minister of Finance's agreement, never less than 2.5% (EPF Act, section 14), and the ETF at a rate its Board fixes, never less than 3% (ETF Act, section 22); the ETF Board has also paid a dividend on top. The projection starts at 10.75% for the EPF, the rate on members' balances in its financial statements, and 9.5% for the ETF, the interest and dividend in its annual report; change either to the rate you want to assume. Each year it adds twelve months of contributions at that year's pay, and interest on the balance at the start of the year for the whole year and on the year's contributions for half a year.

When the money can be withdrawn

EPF benefits are paid to men on completing 55 and to women on completing 50, once they leave employment, and earlier on other grounds: a woman leaving work on marriage, total incapacity, emigration for permanent residence or a permanent pensionable post in government service (EPF). The ETF pays a member's balance when employment ends, but not more than once in five years unless the member is over 60 or leaves Sri Lanka for good (ETF Act, section 23). APIT on a payment from the ETF is covered by the Sri Lanka APIT (PAYE) Salary Tax Calculator.

Limitations

• Government departments and local authorities do not pay ETF contributions, and the EPF covers employees of private and semi-government employers; pensionable public servants are outside it.
• Employers with an approved provident fund of their own pay into it instead of the EPF; that case is not covered.
• The projection keeps the rates you enter for every year and assumes no withdrawals; the funds declare their rates after each year ends and work out interest on their own records.
• An estimate from the EPF and ETF Acts, not financial advice: the funds’ own statements show the balances that count.

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