Employer guide
Sri Lanka payroll rates and rules 2026/27: EPF, ETF, APIT, minimum wage, gratuity and leave
Sri Lankan employers pay 12% EPF and 3% ETF on top of each employee’s earnings and deduct 8% EPF and APIT from them. APIT is nil on the first LKR 150,000 a month, then 6% to 36%. The minimum wage is LKR 30,000 a month from 1 January 2026. Employers with 15 or more workmen owe gratuity of half a month’s pay per year after five years.
Payroll rates in force in Sri Lanka on 12 November 2026
Every statutory rate a Sri Lankan employer applies, with the Act and section it comes from and the date it took effect. Where the source does not state when a rate began, the table says so rather than guess. Budget proposals, Budget 2027 included, change nothing until they are enacted; this page shows the law in force. Download every row as CSV (version 2026-11-12).
| Item | Rate or rule | Legal basis | Effective from |
|---|---|---|---|
| EPF employee contribution | 8% of total monthly earnings. Deducted from pay. Section last amended by Act No. 1 of 1985 per the CBSL reprint; the date the rate first applied is not stated there | EPF Act No. 15 of 1958 s.10(1) | Not stated in the source |
| EPF employer contribution | 12% of total monthly earnings. Paid on top of pay. Section last amended by Act No. 1 of 1985 per the CBSL reprint | EPF Act No. 15 of 1958 s.10(2) | Not stated in the source |
| ETF employer contribution | 3% of total monthly earnings. Paid by the employer only. Rate as enacted in 1980; unchanged in the Board text (amendments to 1993) | ETF Act No. 46 of 1980 s.16(1) | Not stated in the source |
| APIT personal relief | LKR 1,800,000 per year. LKR 150,000 a month in IRD Tax Table No. 01 | Inland Revenue Act No. 24 of 2017, Fifth Schedule para 2(a)(v) (Act No. 2 of 2025 s.5) | 2025-04-01 |
| APIT band 1: First LKR 1,000,000 of taxable income | 6%. Annual taxable income after the personal relief | Inland Revenue Act No. 24 of 2017, First Schedule para 1(1D) (Act No. 2 of 2025 s.3) | 2025-04-01 |
| APIT band 2: Next LKR 500,000 of taxable income | 18%. Annual taxable income after the personal relief | Inland Revenue Act No. 24 of 2017, First Schedule para 1(1D) (Act No. 2 of 2025 s.3) | 2025-04-01 |
| APIT band 3: Next LKR 500,000 of taxable income | 24%. Annual taxable income after the personal relief | Inland Revenue Act No. 24 of 2017, First Schedule para 1(1D) (Act No. 2 of 2025 s.3) | 2025-04-01 |
| APIT band 4: Next LKR 500,000 of taxable income | 30%. Annual taxable income after the personal relief | Inland Revenue Act No. 24 of 2017, First Schedule para 1(1D) (Act No. 2 of 2025 s.3) | 2025-04-01 |
| APIT band 5: Taxable income above LKR 2,500,000 | 36%. Annual taxable income after the personal relief | Inland Revenue Act No. 24 of 2017, First Schedule para 1(1D) (Act No. 2 of 2025 s.3) | 2025-04-01 |
| National minimum monthly wage | LKR 30,000 per month. All workers in any industry or service as defined in s.14 (domestic servants excluded); former budgetary relief allowances form part of it (Act No. 11 of 2025 s.3) | National Minimum Wage of Workers Act No. 3 of 2016 s.3(1)(b), as substituted by Act No. 11 of 2025 s.2 | 2026-01-01 |
| National minimum daily wage | LKR 1,200 per day | National Minimum Wage of Workers Act No. 3 of 2016 s.3(1)(b), as substituted by Act No. 11 of 2025 s.2 | 2026-01-01 |
| Gratuity, monthly-rated workman | 0.5 months of last drawn wage per completed year of service. Other workmen: 14 days’ wage per completed year (s.6(2)(b)) | Payment of Gratuity Act No. 12 of 1983 s.6(2)(a) | Not stated in the source |
| Gratuity, employer size threshold | 15 workmen on any day in the 12 months before termination | Payment of Gratuity Act No. 12 of 1983 s.5(1) | Not stated in the source |
| Gratuity, minimum service | 5 completed years with the employer | Payment of Gratuity Act No. 12 of 1983 s.5(1) | Not stated in the source |
| Gratuity, payment deadline | 30 days after termination. Late payment: surcharge of 10% to 30% of the gratuity by length of delay (s.5(4)) | Payment of Gratuity Act No. 12 of 1983 s.5(1) | Not stated in the source |
| Normal working hours (shop and office) | 8 hours a day. And no more than 45 hours a week (s.3(1)(b)), excluding meal and rest intervals | Shop and Office Employees Act s.3(1)(a) | Not stated in the source |
| Normal working hours a week (shop and office) | 45 hours a week | Shop and Office Employees Act s.3(1)(b) | Not stated in the source |
| Overtime limit (shop and office) | 12 hours a week | Shop and Office Employees Regulations, reg. 6 | Not stated in the source |
| Overtime rate (shop and office) | 1.5 times the hourly rate. Hourly rate for monthly pay = one-eighth of (monthly rate / 30), reg. 8(b) | Shop and Office Employees Regulations, reg. 7 | Not stated in the source |
| Annual leave from the second year (shop and office) | 14 days with full remuneration. First year: 14, 10, 7 or 4 days by the quarter joined (s.6(1)(a)); at least 7 days consecutive | Shop and Office Employees Act s.6(1)(b) | Not stated in the source |
| Casual leave (shop and office) | 7 days with full remuneration a year. For private business, ill health or other reasonable cause | Shop and Office Employees Act s.6(3) | Not stated in the source |
| Weekly holidays (shop and office) | 1.5 days a week. One whole and one half holiday, with full remuneration if the employee worked at least 28 hours that week | Shop and Office Employees Act s.5(1) | Not stated in the source |
| Work on a Full Moon Poya Day (shop and office) | 1.5 times the normal daily rate (minimum) | Shop and Office Employees Act s.7A, s.7B | Not stated in the source |
| Maternity leave, live birth (shop and office) | 84 days with full remuneration. Up to 14 days before confinement (s.18B(1)) and 70 days from the date of confinement (s.18B(2)(a)); 28 days after if not a live birth. The leave is in addition to holidays under the Act (s.18H), so the Department of Labour counts it as 84 working days | Shop and Office Employees Act s.18B and s.18C, as amended by Act No. 14 of 2018 s.2 | Not stated in the source |
| Maternity benefit, live birth (Maternity Benefits Ordinance) | 12 weeks. Two weeks up to and including confinement and ten weeks after; six weeks if not a live birth | Maternity Benefits Ordinance s.3(1), as substituted by Act No. 15 of 2018 s.2 | Not stated in the source |
| EPF surcharge for late payment | 5% to 50% of the contribution, by length of delay. 5% up to 10 days; 15% to 1 month; 20% to 3 months; 30% to 6 months; 40% to 12 months; 50% beyond | EPF Act No. 15 of 1958 s.16 | Not stated in the source |
| ETF surcharge for late payment | 5% to 50% of the contribution, by length of delay. Same scale as EPF | ETF Act No. 46 of 1980 s.27 | Not stated in the source |
| ETF electronic payment and monthly e-returns compulsory | 15 employees or more | ETF Regulations 1981 reg. 3(1)(c)-(d), as amended (quoted by the ETF Board) | 2023-02-01 |
| EPF e-return compulsory | 50 employees or more | EPF Department employer FAQ | Not stated in the source |
APIT relief and bands: Budget 2027. Proposed in Budget 2027 (presented on 12 November 2026), not yet law: from 1 April 2027 the personal relief would rise from LKR 1,800,000 to LKR 1,950,000 a year (LKR 162,500 a month), and the bands would become 6% on the first LKR 850,000 of taxable income, then 12%, 18%, 24% and 30% on each next LKR 600,000, and 36% on the rest. This needs an amendment to the Inland Revenue Act, which Parliament has not yet passed. Until it is passed and takes effect, the rates on this page apply. Source: Budget Speech 2027, Ministry of Finance.
What an employee really costs: five salaries worked through
The employer’s monthly cost and the employee’s take-home pay at five monthly salaries, from the national minimum wage upwards. The figures are calculated by the same code as our salary calculator and APIT calculator, so the page and the tools give the same answer.
- Earnings. The whole salary is regular monthly earnings, so all of it counts for EPF and ETF; there is no overtime, bonus, reimbursement or non-cash benefit.
- APIT. A resident employee with one employment and a primary-employment declaration, taxed under IRD Tax Table No. 01: annual pay less the LKR 1,800,000 relief, the bands applied, divided by twelve.
- Gratuity provision. Half a month’s salary for each year of service, set aside monthly (salary ÷ 24). It is payable only by employers with 15 or more workmen, and only to someone who leaves after five completed years, so it is shown as a provision, not a monthly payment. The salary calculator’s “cost to company” leaves it out; take it away from the total here and the two agree.
- Not included. Stamp duty on salary receipts, Wages Board allowances, overtime, leave encashment and any company benefits.
| Monthly salary (LKR) | Employer EPF 12% | Employer ETF 3% | Gratuity provision | Total employer cost | Employee EPF 8% | APIT | Take-home pay |
|---|---|---|---|---|---|---|---|
| 30,000 | 3,600 | 900 | 1,250 | 35,750 | 2,400 | 0 | 27,600 |
| 50,000 | 6,000 | 1,500 | 2,083 | 59,583 | 4,000 | 0 | 46,000 |
| 100,000 | 12,000 | 3,000 | 4,167 | 119,167 | 8,000 | 0 | 92,000 |
| 200,000 | 24,000 | 6,000 | 8,333 | 238,333 | 16,000 | 3,000 | 181,000 |
| 500,000 | 60,000 | 15,000 | 20,833 | 595,833 | 40,000 | 86,000 | 374,000 |
Do this automatically
Humanised applies these rates to every employee each pay run: EPF, ETF and APIT on the right earnings, gratuity provisions, leave balances, the C-form, the ETF R1 (15 or more employees) or R4 and the T10, and updates them when the law changes. From LKR 8,333/month (billed yearly) for up to 15 employees.
Payroll software in Sri LankaPayment and filing dates for employers
The statutory deadlines that recur every month and every year. Where the Act and the fund’s own instructions word a date differently, both are shown; paying by the earlier one is safe.
| What | When | Legal basis |
|---|---|---|
| EPF monthly contribution (Form C or e-return) | last day of the following month. Employer share: on or before the last day (s.10(2)). The employee share and the surcharge test say before the last day (s.15, s.16), and the EPF Department asks for payment on or before the last working day, so pay before the month ends | EPF Act s.10(2) and s.15 |
| ETF monthly contribution (Form R1 or R4) | last day of the following month. The ETF Board asks for payment on or before the last working day of the following month | ETF Act s.16(1) |
| ETF half-yearly return (Form II), January to June | 31 August. R1 employers; late returns 1% of the contribution a month | ETF Board, payment of contributions |
| ETF half-yearly return (Form II), July to December | 28 February. R1 employers | ETF Board, payment of contributions |
| APIT withheld in a month, paid to the IRD | 15 days after the end of the month | Inland Revenue Act s.86(1) |
| Annual statement of employer (APIT) | 30 April. Within 30 days after the year ending 31 March | Inland Revenue Act s.86(2) |
| T10 withholding certificate to each employee | 30 April. Or within 30 days after an employee leaves | Inland Revenue Act s.87(4) |
| Gratuity on termination | 30 days after termination | Payment of Gratuity Act s.5(1) |
| EPF employer registration (Form D) | 14 days after the first employee is recruited. Members registered within 14 days of recruitment | EPF Department employer FAQ |
How the rates have changed: APIT and the minimum wage
Income tax relief and bands for employees since the Inland Revenue Act No. 24 of 2017 took effect on 1 April 2018, and the national minimum wage since the 2016 Act. Each row is taken from the Act or the IRD table named in it.
| From | To | Personal relief and rates | Legal basis |
|---|---|---|---|
| 2018-04-01 | 2019-12-31 | relief 500,000 plus 700,000 employment relief; 4%, 8%, 12%, 16%, 20% on LKR 600,000 bands, then 24% | Inland Revenue Act, First Schedule para 1(1); Fifth Schedule para 2(a)(i) and 2(b). Employment income relief of LKR 700,000 applied until 31 December 2019 |
| 2020-01-01 | 2022-03-31 | relief 3,000,000; 6%, 12% on LKR 3,000,000 bands, then 18% | Inland Revenue Act, First Schedule para 1(1A); Fifth Schedule para 2(a)(ii) (Act No. 10 of 2021). IRD APIT tables at LKR 250,000 a month relief from 1 April 2020; deduction then needed the employee’s consent (IRD guideline 2020/21) |
| 2022-04-01 | 2022-12-31 | relief 2,250,000 for the nine months; 6%, 12% on LKR 2,250,000 bands, then 18% | Inland Revenue Act, First Schedule para 1(1B)(a); Fifth Schedule para 2(a)(iii) (Act No. 45 of 2022) |
| 2023-01-01 | 2023-03-31 | relief 300,000 for the three months; 6%, 12%, 18%, 24%, 30% on LKR 125,000 bands, then 36% | Inland Revenue Act, First Schedule para 1(1B)(b); Fifth Schedule para 2(a)(iii) (Act No. 45 of 2022). IRD Tax Table No. 01: LKR 100,000 a month relief |
| 2023-04-01 | 2025-03-31 | relief 1,200,000; 6%, 12%, 18%, 24%, 30% on LKR 500,000 bands, then 36% | Inland Revenue Act, First Schedule para 1(1C); Fifth Schedule para 2(a)(iv). IRD Tax Table No. 01: LKR 100,000 a month relief |
| 2025-04-01 | in force | relief 1,800,000; 6% on the first LKR 1,000,000; 18%, 24%, 30% on LKR 500,000 bands, then 36% | Inland Revenue Act, First Schedule para 1(1D); Fifth Schedule para 2(a)(v) (Act No. 2 of 2025). IRD Tax Table No. 01: LKR 150,000 a month relief. In force for 2026/27: the Inland Revenue (Amendment) Act No. 11 of 2026 left the relief and bands unchanged |
| From | To | Monthly and daily minimum (LKR) | Legal basis |
|---|---|---|---|
| 2016-01-01 | 2021-08-15 | 10,000 a month; 400 a day | National Minimum Wage of Workers Act No. 3 of 2016 s.1(2), s.3(1). Act deemed in operation from 1 January 2016 |
| 2021-08-16 | 2024-09-10 | 12,500 a month; 500 a day | National Minimum Wage of Workers (Amendment) Act No. 16 of 2021 s.2. Certified 16 August 2021; the Act names no other date of operation |
| 2024-09-11 | 2025-03-31 | 17,500 a month; 700 a day | National Minimum Wage of Workers (Amendment) Act No. 48 of 2024. From the date the Act was certified, 11 September 2024. Amounts as the Department of Labour notice of 25 July 2025 gives them for 31 March 2025; a separate LKR 3,500 budgetary relief allowance was payable until then |
| 2025-04-01 | 2025-12-31 | 27,000 a month; 1,080 a day | Act No. 3 of 2016 s.3(1)(a), as substituted by Act No. 11 of 2025 s.2. Budgetary relief allowances payable on 31 March 2025 (LKR 3,500 at the minimum) consolidated into the wage |
| 2026-01-01 | in force | 30,000 a month; 1,200 a day | Act No. 3 of 2016 s.3(1)(b), as substituted by Act No. 11 of 2025 s.2 |
The 2024 amounts are taken from the Department of Labour’s July 2025 notice, which gives LKR 17,500 and LKR 700 as the rate on 31 March 2025; the Act number and date come from Parliament. EPF (8% and 12%) and ETF (3%) have not changed in the texts we checked: the EPF Act’s section 10 was last amended in 1985, and the ETF rate is the one enacted in 1980.
EPF in brief
The employee contributes 8% and the employer 12% of total monthly earnings: salary, regular allowances and holiday pay, but not overtime, reimbursements or bonuses. Contributions go with Form C or the e-return before the end of the following month, and late payment carries a surcharge of 5% to 50%. The EPF employer guide covers registration, earnings and surcharges; the EPF and ETF calculator works out a month.
ETF in brief
The employer pays 3% of the same earnings to the Employees’ Trust Fund, and nothing is deducted from the employee. It is remitted with Form R1 or R4 by the end of the following month; employers with 15 or more employees must pay and file electronically. Details are in the ETF employer guide.
APIT in brief
Employers must deduct APIT from all employment income, including overtime, allowances and non-cash benefits, using the IRD tables. For 2026/27 the first LKR 1,800,000 a year is relief, then rates run from 6% to 36%; tax withheld is paid within 15 days after the month ends, and T10s and the annual statement are due by 30 April. The APIT employer guide explains Tables 1 to 8; the APIT calculator gives the monthly deduction.
Minimum wage in brief
The national minimum wage is LKR 30,000 a month and LKR 1,200 a day from 1 January 2026, for all workers in any industry or service that the Act covers; it excludes domestic servants and a few classes of trainee and employer (s.14). The former budgetary relief allowances are part of it, not paid on top, and an employer may not cut allowances to offset the rise. A Wages Board decision with a higher minimum for the trade prevails. See the minimum wage and basic salary guide.
Gratuity in brief
An employer with 15 or more workmen on any day in the previous 12 months pays a gratuity to anyone who leaves after five completed years: half a month’s last drawn wage per completed year for monthly-rated workmen, 14 days’ wage for others. It is due within 30 days of termination, with a surcharge of 10% to 30% if late. Work it out with the gratuity calculator; the labour law guide places it among the other Acts.
Hours, overtime and leave in brief
Shop and office employees work no more than 8 hours a day and 45 a week, overtime is capped at 12 hours a week and paid at 1.5 times the hourly rate, and they get one and a half days off a week. Leave is 14 days’ annual leave from the second year, 7 days’ casual leave, and 84 days’ paid maternity leave for a live birth, counted as working days because it is in addition to holidays (12 weeks under the Maternity Benefits Ordinance for workers it covers). The Shop and Office Act guide and the leave entitlements guide have the detail; the overtime and leave calculators apply the rules.
Holidays in brief
Shop and office employees get a holiday on every Full Moon Poya Day, and work on one is paid at not less than 1.5 times the normal daily rate. Public, bank and mercantile holidays are declared each year by gazette. The dates and what to pay on each are on the 2027 holidays page and the 2026 holidays page.
Download the data, cite this page, corrections
Dataset. sri-lanka-payroll-rates.csv, version 2026-11-12: every rate, deadline and history row on this page, with columns for the value, unit, effective dates, legal basis, source URL and the date we last checked it. The URL stays the same when the data is updated; the version date changes.
Licence. Compilation © Humanised, free to reuse with a link (CC BY 4.0). The underlying Acts and notices belong to their publishers. The tables here are our own statement of the facts; no official table or graphic is reproduced.
How to cite. Humanised, “Sri Lanka payroll rates and rules 2026/27”, gethumanised.com/guides/sri-lanka-payroll-rates/, version 2026-11-12, accessed [date].
Last checked. 12 November 2026, every row against the source named in it. We check again every 1 January and 1 April, and when an amending Act or IRD notice is published.
Corrections log. 12 November 2026: first published. 12 November 2026: added the note on the Budget 2027 income tax proposal under the rates table; no rate changed, because the proposal is not yet law. Report an error to inquire@gethumanised.com; corrections are listed here with the date.
Do this automatically
Humanised applies these rates to every employee each pay run: EPF, ETF and APIT on the right earnings, gratuity provisions, leave balances, the C-form, the ETF R1 (15 or more employees) or R4 and the T10, and updates them when the law changes. From LKR 8,333/month (billed yearly) for up to 15 employees.
Payroll software in Sri LankaFrequently asked questions
What are the statutory payroll contributions in Sri Lanka?
EPF and ETF. The employer pays 12% EPF and 3% ETF on each employee’s total monthly earnings, and deducts the employee’s 8% EPF from pay (EPF Act s.10; ETF Act s.16). Employers also deduct APIT, which is income tax rather than a contribution. The EPF guide lists which earnings count.
How much does it cost to employ someone in Sri Lanka?
About 15% above salary in EPF and ETF, plus a gratuity provision of roughly 4.2% where gratuity applies. On LKR 100,000 a month the employer pays LKR 12,000 EPF and LKR 3,000 ETF and would set aside about LKR 4,167 for gratuity. The table on this page works through five salaries.
What is the tax-free salary limit in Sri Lanka in 2026?
LKR 150,000 a month, or LKR 1,800,000 a year. That personal relief has applied since 1 April 2025 and still applies for 2026/27; pay above it is taxed at 6% to 36% in bands (Inland Revenue Act, Fifth and First Schedules). The APIT calculator gives the monthly deduction.
What is the minimum wage in Sri Lanka in 2026?
LKR 30,000 a month and LKR 1,200 a day from 1 January 2026, for all workers the Act covers (Act No. 3 of 2016 as amended by Act No. 11 of 2025; domestic servants are excluded). It was LKR 27,000 and LKR 1,080 from 1 April to 31 December 2025. The minimum wage guide explains what counts towards it.
When are EPF, ETF and APIT due?
EPF and ETF by the end of the month after the pay month; both funds ask for payment by the last working day. APIT withheld in a month is due within 15 days after the month ends. T10 certificates and the annual statement of employer are due by 30 April.
Is overtime subject to APIT and EPF?
Overtime is taxable for APIT: the IRD’s Tax Table No. 01 lists overtime among regular profits from employment. It is not included in EPF and ETF earnings, according to the EPF Department’s employer FAQ. Show it as its own payslip line.
Is gratuity paid in addition to EPF and ETF?
Yes. Gratuity under the Payment of Gratuity Act No. 12 of 1983 is a separate payment on leaving: half a month’s last drawn wage per completed year for monthly-paid staff, after five years, at employers with 15 or more workmen. It is due within 30 days of termination.
How many hours can an employee work in Sri Lanka?
Under the Shop and Office Employees Act, 8 hours a day and 45 a week, excluding meal and rest intervals, plus up to 12 hours of overtime a week paid at 1.5 times the hourly rate. Factory and Wages Board trades follow their own rules. See the Shop and Office Act guide.
Can I download these rates?
Yes. The CSV linked on this page holds every rate, deadline and history row with its legal basis, source URL and the date it was last checked. It is free to reuse with a link under CC BY 4.0; the URL stays the same when it is updated.
Will Budget 2027 change these rates?
They are proposed to change APIT only, in Budget 2027 (presented on 12 November 2026), but this is not yet law: from 1 April 2027 the personal relief would rise from LKR 1,800,000 to LKR 1,950,000 a year (LKR 162,500 a month), and the bands would become 6% on the first LKR 850,000 of taxable income, then 12%, 18%, 24% and 30% on each next LKR 600,000, and 36% on the rest. This needs an amendment to the Inland Revenue Act, which Parliament has not yet passed. Until it is passed and takes effect, the rates on this page apply. The Budget proposes no change to EPF, ETF, the national minimum wage or gratuity.
Related guides and tools
Sources. Employees’ Provident Fund Act No. 15 of 1958 (Central Bank reprint, amendments to 31 December 1998); EPF Department (Central Bank of Sri Lanka), FAQs for employers; Employees’ Trust Fund Act No. 46 of 1980 (ETF Board text, amendments to 1993); ETF Board, payment of contributions (incl. the e-payment regulation and Form II dates); Inland Revenue Act No. 24 of 2017, IRD consolidated text incorporating amendments to 31 March 2025; Inland Revenue (Amendment) Act No. 11 of 2026, certified 3 June 2026 (IRD); IRD, APIT tax tables (all years); IRD, APIT Tax Table No. 01, 2025/2026; IRD, APIT Tax Table No. 01, 2023/2024 and 2024/2025; IRD, APIT Tax Table No. 01, 1 January to 31 March 2023; IRD, APIT guideline for employers, year of assessment 2020/2021; National Minimum Wage of Workers Act No. 3 of 2016 (Department of Labour copy); National Minimum Wage of Workers (Amendment) Act No. 16 of 2021 (Department of Labour copy); National Minimum Wage of Workers (Amendment) Act No. 11 of 2025 (Parliament); Parliament of Sri Lanka, Speaker certifies the National Minimum Wage of Workers (Amendment) Bill as Act No. 48 of 2024, 11 September 2024; Department of Labour, maternity benefits; Department of Labour, notice on the national minimum wage, 25 July 2025; Payment of Gratuity Act No. 12 of 1983, as amended to 1992 (Department of Labour labour code); Shop and Office Employees (Regulation of Employment and Remuneration) Act No. 19 of 1954 with Regulations (NIOSH consolidated text); Shop and Office Employees (Amendment) Act No. 14 of 2018 (Parliament); Maternity Benefits (Amendment) Act No. 15 of 2018 (Department of Labour copy). This guide is general information for employers, not legal or tax advice; figures are checked against the sources on the review date shown above and again every 1 January and 1 April. See our editorial approach.