The free-market economy of Sri Lanka was worth $84 billion by nominal gross domestic product (GDP) in 2019 and $296.959 billion by purchasing power parity (PPP). The country had experienced an annual growth of 6.4 percent from 2003 to 2012, well above its regional peers. This growth was driven by the growth of non-tradable sectors, which the World Bank warned to be both unsustainable and unequitable. Growth has slowed since then. In 2019 with an income per capita of 13,620 PPP Dollars or 3,852 (2019) nominal US dollars, Sri Lanka was re-classified as a lower middle income nation with the population around 22 million (2021) by the World Bank from a previous upper middle income status.
In the United States, a 401(k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401(k) of the U.S. Internal Revenue Code. Periodic employee contributions come directly out of their paychecks, and may be matched by the employer. This legal option is what makes 401(k) plans attractive to employees, and many employers offer this option to their (full-time) workers. 401(k) payable is a general ledger account that contains the amount of 401(k) plan pension payments that an employer has an obligation to remit to a pension plan administrator. This account is classified as a payroll liability, since the amount owed should be paid within one year.
A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income.
The Central Bank of Sri Lanka is the monetary authority of Sri Lanka. It was established in 1950 under the Monetary Law Act No.58 of 1949 (MLA), it is a semi-autonomous body, and following the amendments to the MLA in December 2002, is governed by a five-member Monetary Board, comprising the Governor as chairman, the Secretary to the Ministry of Finance and Planning, and three members appointed by the President of Sri Lanka, on the recommendation of the Minister of Finance, with the concurrence of the Constitutional Council.
Television in Sri Lanka dates back to 1979. Television broadcasting, like other forms of media in the country, is generally divided along linguistic lines with state and private media operators providing services in Sinhala, Tamil, and English languages.
The Employees' Provident Fund Organisation (EPFO) is one of the two main social security organization under the Government of India's Ministry of Labour and Employment and is responsible for regulation and management of provident funds in India, the other being Employees' State Insurance. The EPFO administers the mandatory provident fund, a basic pension scheme and a disability/death insurance scheme. It also manages social security agreements with other countries. International workers are covered under EPFO plans in countries where bilateral agreements have been signed. As of May 2021, 19 such agreements are in place. The EPFO's top decision-making body is the Central Board of Trustees (CBT), a statutory body established by the Employees' Provident Fund and Miscellaneous Provisions (EPF&MP) Act, 1952. As of 2018, more than ₹11 lakh crore are under EPFO management.
Employees' Provident Fund is a federal statutory body under the purview of the Ministry of Finance. It manages the compulsory savings plan and retirement planning for private sector workers in Malaysia. Membership of the EPF is mandatory for Malaysian citizens employed in the private sector, and voluntary for non-Malaysian citizens.
Navaratne Rajakaruna Wasala Mudiyanselage Tikiri Bandara Ilangaratne, popularly as T. B. Ilangaratne, was a Sri Lankan politician, author, dramatist, and theater actor. He was a Member of Parliament for Kandy, Galaha, Hewaheta and Kolonnawa in Colombo district. He served as the Sri Lankan Cabinet Minister of Labour, Housing, Social Services, Finance, Commerce, Food, Trade and Shipping and in other government positions in a career spanning three decades. He established the Employees' Provident Fund, Ceylon Petroleum Corporation and Sri Lanka Insurance Corporation and the People's Bank while in office. As a writer, Ilangaratne is best known for writing Amba Yaluwo (1957), a popular children's novel.
Social security in India includes a variety of statutory insurances and social grant schemes bundled into a formerly complex and fragmented system run by the Indian government at the federal and the state level. The Directive Principles of State Policy, enshrined in Part IV of the Indian Constitution reflects that India is a welfare state. Food security to all Indians are guaranteed under the National Food Security Act, 2013 where the government provides highly subsidised food grains or a food security allowance to economically vulnerable people. The system has since been universalised with the passing of The Code on Social Security, 2020. These cover most of the Indian population with social protection in various situations in their lives.
Ajith Nivard Cabraal is a Sri Lankan accountant and politician who was also the 16th Governor of the Central Bank of Sri Lanka. He is also the former State Minister of Finance, Capital Markets and State Enterprise Reforms and a national list member of parliament since 12 August 2020. He served as the Governor of the Central Bank of Sri Lanka, holding the post from 1 July 2006 until his resignation on 9 January 2015. He again became the Governor of Central Bank of Sri Lanka in September 2021, replacing W. D. Lakshman, and resigned again in April 2022.
Tan Sri Mohamed Nazir bin Tun Abdul Razak is a Malaysian banking executive. He was Chairman of CIMB Group, which is one of the largest financial services providers in Malaysia and ASEAN. He served as CEO of the group from 1999 to 2014. Nazir is the youngest son of the second Prime Minister of Malaysia Abdul Razak Hussein and brother of the sixth Prime Minister, Najib Razak.
Employees Provident Fund Nepal is the pension fund/provident fund for employees of government and private sector of Nepal. The Fund is currently managing provident funds of 600,000 employees working for the government and in the private sector. The Fund also invests in different sectors like infrastructures and hydroelectricity. The Fund distributes its profit among depositors. Currently employees are required to contribute 10% of their basic salary with an equal contribution from their employer to their provident fund.
The Employees' Trust Fund (ETF), a social security programme, was established on 1 March 1981 under the Act No.46 of 1980 by the Parliament of the Democratic Socialist Republic of Sri Lanka to promote (i).employee ownership, employee welfare and economic democracy through participation in financing and investment (ii).employee participation in management through the acquisition of equity interest in enterprises and to provide for non-contributory benefits to employees upon retirement. All workers i.e. Permanent, Temporary, Casual, Contract, Piece-rate wages, Learners and apprentices who are employed in private and public sector are eligible to be benefited by it.
The Bangladesh Bank robbery, also known colloquially as the Bangladesh Bank cyber heist, was a theft that took place in February 2016. Thirty-five fraudulent instructions were issued by security hackers via the SWIFT network to illegally transfer close to US$1 billion from the Federal Reserve Bank of New York account belonging to Bangladesh Bank, the central bank of Bangladesh. Five of the thirty-five fraudulent instructions were successful in transferring US$101 million, with US$81 million traced to the Philippines and US$20 million to Sri Lanka. The Federal Reserve Bank of New York blocked the remaining thirty transactions, amounting to US$850 million, due to suspicions raised by a misspelled instruction. As of 2018 only around US$18 million of the US$81 million transferred to the Philippines has been recovered, and all the money transferred to Sri Lanka has since been recovered. Most of the money transferred to the Philippines went to four personal accounts, held by single individuals, and not to companies or corporations.
Cargills Bank Limited is a licensed commercial bank in Sri Lanka. It received its license from Central Bank of Sri Lanka to operate domestic and offshore banking business on 21 January 2014 and was ceremonially opened on 30 June 2014. At present the bank consists of 17 branches island-wide with the head office based in Kollupitiya.
Ahmad Badri bin Mohamad Zahir is the former Secretary-General of the Treasury of Malaysia. As secretary-general, Ahmad Badri also serves as Chairman of the Inland Revenue Board of Malaysia (LHDN), Retirement Fund (Incorporated) (KWAP) and the Public Sector Home Financing Board (LPPSA). He also currently is the chairman of Employees Provident Fund (EPF) and sits on the board of directors of Permodalan Nasional Berhad (PNB), Central Bank of Malaysia (BNM), Tabung Haji and the Perbadanan Insurans Deposit Malaysia (PIDM) as an ex officio member. He also serves as a non-independent non-executive director at Tenaga Nasional.
Brown and Company PLC, sometimes called Browns Group, is a conglomerate holding company in Sri Lanka. The company was founded by James Brown, a 25-year-old engineer and mechanic from London who arrived in Ceylon in 1872. In 1892, the company was incorporated and in 1991 the company became a listed company on the Colombo Stock Exchange. The company was included in S&P Sri Lanka 20 Index in June 2021. Brown and Company is one of the LMD 100 companies, an annual list of Sri Lankan listed companies by revenue, having ranked 42nd in the 2020/21 edition.
Ceylon Grain Elevators PLC is an animal feed manufacturing company in Sri Lanka. The company was incorporated in 1982 as a result of an agreement between the Government of Sri Lanka and Prima Limited of Singapore. The company was listed on the Colombo Stock Exchange in 1984. Singapore-based, Prima Limited holds a controlling stake in the company's stocks. Ceylon Grain Elevators is part of the Prima Group in Sri Lanka. The company is ranked 50th in LMD 100, an annual list of listed companies in Sri Lanka by revenue.
Social welfare has long been an important part of Sri Lankan society and a significant political issue. It is concerned with the provision by the state of benefits and services. Social welfare is mostly funded through general taxation.
Harischandra Mills PLC is a food processing company in Sri Lanka. The company was founded by C. A. Harischandra in 1943. Harischandra Mills pioneered the employee provident by setting up a fund in 1952, six years prior to the national Employees' Provident Fund. Harischandra Mills was incorporated in 1953 and was listed on the Colombo Stock Exchange in 1983. In the family's third generation, the company is still a family-managed business. The Harischandra brand is a household name and one of the 100 most valuable brands in Sri Lanka in 2022. The import ban on some agricultural products imposed by the government affected the company and the company had to respond with a drastic cut back of production.
Rs 222.44 billion (2018) [1] 
Rs 210 billion (2018)
