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Sunday, 6 April 2014

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Seminar on EPF and ETF 'e' payment scheme

The Ceylon Chamber of Commerce (CCC) with the Central Bank and the Employers Federation of Ceylon held a seminar on 'Online Remittance of EPF and ETF Payments', recently at the chamber auditorium.

Superintendent of the EPF, P. W. D. N. Rodrigo, Additional General Manager, ETF, J.M.S.B. Udugama and Secretary General and CEO, CCC, Harim Malwatte addressed the seminar.

The event was held to encourage local companies to start using the 'e' payment scheme to pay the EPF and ETF contributions and surcharges to the ETF Boards as relevant via the 'e' return scheme, thus helping the employer, employee and relevant stakeholders.

CCC initiated this seminar, as a follow-up to a meeting at the Central Bank to review the present status of Sri Lanka in the 'Doing Business Index Ranking' and to formulate an institutional strategy to achieve a ranking of 30 by 2016. CCC sources said that the online filing of EPF and ETF returns by 50 percent of its member companies, would contribute significantly towards Sri Lanka gaining a substantial improvement in the 'Doing Business Index' ranking.

Superintendent, EPF, P. W. D. N. Rodrigo said that under the Employees' Provident Fund Act, Number two of 2012 and regulations gazetted on May 13, 2013, online payment of member contributions is mandatory for companies which have over 50 employees. "Nearly 40 to 50 percent of companies paying EPF have registered with the system. Firms, which have more than 50 employees, should start sending EPF payment online," he said.

According to Rodrigo, Sri Lanka's rank in 'Ease of Doing Business Index' is around 80 and can be improved by measures such as submission of ETF and EPF payments via the online system.

Firms keen on registering with the system, should do it via the five designated banks: Bank of Ceylon, Commercial Bank of Ceylon, Hatton National Bank, Sampath Bank and People's Bank.

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