Fri, 24 May 2024 Today's Paper

Reduce returns on EPF: 77% adults say it is not necessary

5 December 2023 04:49 pm - 8     - {{hitsCtrl.values.hits}}


Colombo Dec.5 (Daily Mirror) - According to the Syndicated Surveys poll, Verité Research found that 77% of Sri Lankan adults claimed that the government’s decision to reduce returns on retirement savings in the Employees’ Provident Fund (EPF) is not necessary and not done in a fair manner.

The respondents were given this information: “To help recover from the debt crisis, the government reduced the returns on retirement savings in the EPF." They were then read out two statements, and for each, they were asked if they agreed or not.

The survey was done in a fair manner. Only 10% agreed with both statements and said that it was necessary and done in a fair manner, while 13% of the adults had no opinion or didn’t know about this issue.

Meanwhile, 44% of the respondents disagreed with both statements, and 33% disagreed with either of the statements they read.

Sri Lanka completed a unique domestic debt restructuring (DDR) in September 2023, in which local currency debt restructuring exclusively targeted the retirement provident funds of formal sector workers. The banking and financial sectors, as well as private creditors and most public sector workers were excluded.

This might have set a new global precedent in DDR for adverse rather than preferential treatment of retirement funds.

The survey was based on an island-wide, nationally representative sample of responses from 1,029 Sri Lankan adults.

  Comments - 8

  • Dinruta Tuesday, 05 December 2023 05:24 PM

    Ask them if Pluto is a star or a planet. You will have a similar confident response however ignorant they may be.

    Point Blank Tuesday, 05 December 2023 05:33 PM

    Verite Research should know by now that Sri Lankans are self centered and selfish in their thinking. 6.9Mn voted for a govt that promised to reduce tax at a time when the country was in need of cash to run the utilities. So such stupid questions at a survey will only get stupid responses. Mind you another 5.4Mn voted for a school boy actor hailing from a very hard working late former president.

    Geo Politics killing Sri Lanka via VR Tuesday, 05 December 2023 05:40 PM

    Sri Lankans are yet not fully recovered from the colonial mentality. Always want the Master Sir (Harmputhas) to feed them. At a time when commercial banks are giving a Fixed Deposit interest of 10 to 10.75% we yet see EPF giving us 9.25% and yet 77% of the self serving morons of a mere 1079 sample have said it is unfair? if deposit are to be increased so will borrowing interest and then inflation.

    Jeremy Tuesday, 05 December 2023 06:05 PM

    How many of those surveyed understand the inherent complexity in generating long term returns on funds. How many of them are still in cuckoo land of unsustainable high return scenarios?

    Daya weerasinghe Tuesday, 05 December 2023 06:34 PM

    No one will like to reduce returns. But we all will have to face the situation.

    Paramanathan Tuesday, 05 December 2023 09:27 PM

    This is a colossal error, a grave betrayal, and a national tragedy orchestrated by the government and its associates. They consistently engage in the reprehensible practice of misusing public funds, treating them as their own. They have no authority to tamper with the funds of the Employees' Provident Fund (EPF), which represents the hard-earned money of the people. The majority of individuals contributing to the EPF come from the private sector, working diligently to earn their income.

    SLEx Tuesday, 05 December 2023 10:56 PM

    This is like asking a kindergarten kid if they understand rocket science. Our population has to be one of the most financially illiterate populations on the planet. All they understand is if govt gives subsidies and money, they can reach their goal for next week. None of these people think 10 - 20 years ahead and none of them are even trained to think ahead and be ambitious. Getting a govt. sector job is their life goal. Even after that they do not strive to be better and improve processes or any positive accomplishment. They spend 20 years doing nothing, get seniority and run the institution to the ground. Being lazy and cunning is how they climb the ladder in govt. jobs. So can you really expect this survey to be useful?

    Mahila Wednesday, 06 December 2023 03:56 AM

    The Convolution of Economics, Statistics and Tom Foolery of Survey Polls of "Streetwise Strategists" - all compounded together obtaining BEST Outcome!!!??? Wonder of Asia!!!

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment