This is EPF ETF Calculator aka Salary Calculator in Sri Lanka. It can easily calculate all contributions such as employee and employer shares, total EPF and ETF, and net salary. Enter the basic salary and then click “Calculate” button to get results from EPF ETF Calculator or Sri Lanka Salary Calculator.
EPF and ETF work by pooling contributions from both employees and employers. Here’s how the contributions are managed:
Employee Contribution of EPF: Employees contribute 8% of their monthly salary to EPF.
Employer Contribution of EPF and ETF: Employers contribute 12% to EPF and 3% to ETF, making a total of 15% of the employee’s monthly salary.
Total EPFs: The total EPF contribution from both employee and employer is 20% of the salary (8% + 12% = 20%).
Total EPF+ETF: The combined contribution to EPF and ETF is 23% of the salary.
Net Salary: After EPF and ETF deductions, the net salary is 92% of the basic salary. For instance, if your basic salary is 150,000, your net salary will be 138,000.00 per month.
EPF (Employees Provident Fund):
The Employees Provident Fund is a social security scheme. It established by the government of Sri Lanka. It designed to provide retirement benefits and financial security to employees in the country’s formal sector. Both employees and their employers contribute a percentage of the employee’s salary to the EPF. Employees can access these funds upon retirement or under specific conditions such as purchasing a house, education, or medical emergencies.
ETF (Employees Trust Fund):
The Employees Trust Fund is another social security scheme in Sri Lanka. Employers only contribute to the ETF. When an employer starts contributing to the Fund for an employee, that employee becomes a Fund member as long as there’s a balance in their account. Self-employed and migrant workers can join voluntarily. Some groups, like domestic servants and small religious institutions, are exempt. The ETF aims to ensure social security for employees during times of need, such as illness, injury, or disability.