Sri Lanka Consolidated Acts

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Employees' Provident Fund Act (No. 15 of 1958) - Sect 14

Interest on contributions, &c

14.
(1) Interest at such rate, not less than two and a half per centum per annum, as may from time to time be fixed by the Monetary Board with the concurrence of the Minister and the Minister of Finance shall be paid for each year, out of the income from the investment of the moneys of the Fund, on the amount standing to the credit of the individual account of each member of the Fund as at the thirty-first day of December in that year:
(2) Where the income from the investment of the moneys of the Fund is inadequate to pay any part of the interest payable on contributions paid to the Fund under this Act, the amount of the deficit shall be met out of moneys provided by Parliament for the purpose.
(3) Any sum provided by Parliament under subsection (2) of this section shall constitute a loan from the Government to the Monetary Board and shall be repaid in accordance with such terms and conditions as may be determined by the Minister with the concurrence of the Minister of Finance.


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