People’s Bank launches on-line Peoples EPF Net

The People’s Bank and the Employees’ Provident Fund (EPF) Department of the Central Bank of Sri Lanka launched ‘People’s EPF Net’ yesterday, which enables organisations to pay their employees’ EPF entitlements online through a secure and robust e-payments system.

The system, which provides companies with the tools they need to manage their compliance with EPF obligations, is said to be one of the furthest reaching e-commerce products in the market as it spans over People’s Bank’s 730 branches and savings centres.

The system allows, speedy and yet secure EPF processing. It received glowing praise from Central Bank of Sri Lanka Deputy Governor C. Premaratne, who said: “We initiated this program in 2011 with commercial banks with the intention of reducing the administration cost and improving accuracy and efficiency in collection of EPF member contributions. This system will be beneficial not only to the EPF but also to participating banks.

“The system is convenient for employers as it would be a paperless system and they can utilise their funds efficiently. We very much appreciate the efforts made by People’s Bank in establishing ‘People’s EPF net’ system and joining the EPF e-return network recognising its ultimate benefits to the nation. Transformation of paper based EPF payment system to an electronic system will no doubt, enable us to improve significantly our ranking in the easing of Doing Business Index, which will be a triumphant moment for us in Sri Lanka. I might add that it is becoming prudent that employers contribute to greater employee satisfaction through expedient EPF processing provided by this e-commerce solution, thus making this service fall under the umbrella of CSR.”

People’s Bank Chief Executive Officer/General Manager N. Vasantha Kumar added: “Notwithstanding the progress made to-date on getting this EPF e-processing product ready for market, there remains the on-going task of maintaining accuracy, ensuring utmost security and increasing the reach of this progressive product across the length and breadth of Sri Lanka. I am delighted to unleash this robust product to the market with the knowledge that in retirement, many Sri Lankans will rely on the accuracy and security of this system which will ultimately reward them for a lifetime of hard work.

“Employers around Sri Lanka, People’s Bank, Department of Labour and the Employees’ Provident Department of the Central Bank of Sri Lanka have a shared interest in ensuring that EPF processing is as efficient and user-friendly as possible. The launch of this product across our banking repertoire further ensures that the EPF system works with heightened efficiencies for more people in Sri Lanka.”