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| Sunday, 8 February 2004 |
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| News Business Features Editorial
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ETF to link online with 200 firms The Employees Trust Fund Board (ETF) expects 200 top companies in the country to be linked with its on-line service to provide ETF data for its members, before end of this year. Currently 10 companies are linked with the ETF, said, its Chairman Dinesh Weerakkody. He said that 80 per cent of ETF contributions were coming from these 200 companies and it inspired ETF to take the initiative to promote this programme with the particaption of those companies. More than 1.5 million members represented these companies. "I expect all the companies to be linked with us before the end of this year," said Weerakkody. The solution provider for this project is Lanka Internet Ltd. According to Weerakkody: "most of the companies are in the process of updating their own data systems to link with the ETF." "With this new on-line system, ETF members will be able to see ETF data on-line via Human Resource Department of the employer/company," he added. ETF would update the data base on a monthly basis to facilitate the members to know their balances on-line, he said. Weerakkody said that more than Rs 30 million transactions are were being done by the EFT annually. ETF subscribers comprised more than 2 million ETF members islandwide, with around 20,000 more members added each year. However, ETF is developing the software system to launch the concept in a big way, he said. "We have a very bad software system and now we are in the process of sorting out bugs. Once we upgrade the system, we are ready to start our work", he added. "ETF is looking at computerising the whole system before 2005" he said. Weerakkody expects all 30,000 employers in the country to link with them in time to come. With the introduction of this system ETF would be able to pay 'express claims' in two days, he added. The online system would link with the Human Resource Department of the employer with a password, which has no direct access to the employee of the company what so ever, he added. (HHS) |
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