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Private provident funds existed in the private sector, with some companies contributing on a voluntary basis until 1958, when the Employees' Provident Fund was established by S. W. R. D. Bandaranaike following the enactment of the Employees' Provident Fund Act No 15 of 1958 which established the Employees' Provident Fund which made it compulsory for all employers and employees to contribute if ...
The Employees' Provident Fund, abbreviated to EPF, is a social security scheme of employees in Sri Lanka under the Central Bank of Sri Lanka. It was established under Act No. 15 of 1958 by S. W. R. D. Bandaranaike , [ 3 ] and as of December 2010, it had Rs 899.6 billion, which is equivalent to 16% of the GDP. [ 4 ]
Sri Lankan law also mandates that employers contribute 3% of an employee's salary to a trust fund, which the employee receives after he or she leaves the company. [ 19 ] Among the largest firms in the Sri Lanka apparel industry, employing about 100,000 people, [ 20 ] is MAS Holdings , which is a supplier to Gap, Marks and Spencer, Nike and ...
The Sri Lanka Bureau of Foreign Employment (SLBFE) is a government agency of Sri Lanka, tasked with overseeing overseas employment of Sri Lankan Citizens and their welfare. It was established in 1985, under the provisions of the Sri Lanka Bureau of Foreign Employment Act. No. 21 of 1985 from which it derives its remit and powers. [ 1]
The employer of every employee to whom this Act applies shall be liable to pay an amount equal to three per centum (3%) of the total earnings including Wages, salary or fees, Cost of living allowance, special living allowance and other similar allowances, Payment in respect of holidays, The cost value of cooked or uncooked food provided by the employer to employees, Meal allowance and Any ...
Mahaweli Development programme. The Mahaweli Development program ( Sinhala: මහවැලි සංවර්ධන වැඩසටහන) is known as the largest multipurpose national development program in the history of Sri Lanka and is also considered the keystone of the government's development program that was initiated in 1961.
MAS Holdings. MAS Holdings is a Sri Lankan apparel manufacturer. [ 3][ 4][ 5] The company was founded in 1987 by Mahesh, Sharad and Ajay Amalean. [ 6] MAS Holdings began as an underwear manufacturer and later diversified into sportswear, performance wear and swimwear. [ 7][ 8] MAS Holdings has 53 manufacturing facilities in 17 countries ...
The Public Services of Sri Lanka are a series of services groups that provide specialized professional services to the Government of Sri Lanka. These are government employees who carry out public duties, however they are not elected officials. The most senior of these is the Sri Lanka Administrative Service which is the country's permanent ...