Nine percent interest per annum up to 2026 for ETF members reasonable

-State Minister of Finance

by PRIYAN DE SILVA

State Minister of Finance, Ranjith Siyambalapitiya says the interest rate of 9% per annum the Employees Trust Fund has guaranteed for its members until 2026 is reasonable; the Central Bank may reduce interest rates further.

Siyambalapitiya said that the interest rates offered by the ETF were 9% in 2018, 8% in 2019 and 2020, 7.25% in 2021 and 8.25% in 2022

The minister said so at the launch of the Nipunatha Saviya scholarship scheme held at the Department of Labour auditorium on Tuesday (19).

Under the new scheme, children of ETF members who sat the GCE A/L) examination in 2022 are eligible to apply for Rs 25,000 to follow one of the 54 courses recommended by the ETF Board.

The courses have been recommended by the ETF Board based on a study of the present local and foreign skilled labour requirement.

The State Minister pointed out that of the 260,000 to 300,000 students who sat the GCE A/L examination each year, only about 40,000 gained university admission and even those who graduated from universities found it difficult to secure suitable employment.

The state minister said that in addition to employees of any state or private sector organisation, self-employed persons and migrant workers could contribute to the Fund on their own and obtain membership.

The Employees’ Trust Fund was established on 1st March 1981 under the provisions of ETF Act No. 46 of 1980. The fund is administered by the Employees’ Trust Fund Board and at present the ETF Board is under the purview of the Ministry of Finance, Economic Stabilization & National Policies.