ETF goes for Internet banking

By Lalin FERNANDOPULLE

[email protected]

The Employees Trust Fund Board (ETF) will commence Internet banking with private banks to enable employers to remit their contributions without any hassle, said Additional General Manager, ETF Board, Mangala Gunaratne.

He said the Board will commence Internet banking with the Bank of Ceylon as the first step of the program and then will look into launching it with other banks as well.

"Traditional modes of operation will not serve any purpose and there is a great need to keep pace with modern trends. Internet banking will be convenient for both parties and ensure accuracy and reliability", Gunaratne said.

The ETF Board has begun to make payments for claims through regional offices. The Board has already commenced operations in three offices.

"We will expand the regional operation network to offer a quick and better service. Steps will be taken to link all regional offices on-line with the Head Office to facilitate the claim payment process", he said.

Chairman ETF Board K. M. A. Godawatte said a new office complex will be constructed adjoining the Labour Secretariat in Narahenpita.

Work on the complex will commence before the end of the year and the project will be completed by end next year. The office complex will be a one-stop-shop for payment of claims of ETF and EPF.

The Board plans to introduce health benefit schemes for cancer and neuro surgeries of employees.

He said the monthly ETF contributions are over Rs. 700 million while it is increasing each month. The outflow by way of claims payment is increasing due to retirements, withdrawals and migrations.

"The Board is exploring new investment opportunities to increase revenue", he said. When asked why an employee needs to stay for five years to make claims for payments on two consecutive occasions, he said the Board has to comply with the regulation which has been specified in the ETF Act.

Welfare after retirement is an area that is covered by the EPF which is a retirement fund. The ETF primarily takes care of the member worker during his or her working life in addition to granting contributions plus interest at retirement.

The ETF declares a dividend plus interest for each member every year depending on the profits.