Thursday, 3 October 2013 00:00
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The People’s Bank and the Employees’ Trust Fund functioning under the Ministry of Finance and Planning of Sri Lanka yesterday launched “People’s ETF Net” which enables organisations to pay their employees’ ETF 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 Employees’ Trust Fund obligations, is said to be one of the furthest reaching e-commerce products in the market as it spans over People’s Bank’s network of 730 branches and savings centres.
The system allows for speedy and yet secure ETF processing. It received glowing praise from Employees’ Trust Fund Board Chairman/CEO, K.M.A. Godawatta, who said: “We initiated this program in 2008 with commercial banks with the intention of reducing administration costs and improving the accuracy and efficiency for our member contributions. All private sector employees are members of this fund while their employers are required to remit 3% of the gross earnings of their employees to the fund, monthly.
“Hence, unlike the EPF, only the employer makes a contribution on behalf of the employee and therefore it is a non-contributory benefit to the member. We are very happy to have the People’s Bank onboard empowering one of Sri Lanka’s largest customer bases with easy access to their ETF funds, the system is convenient for employers as it would be a paperless system and they can make payment to the fund 24 hours of the day through People’s ETF Net, online banking service without any hassle of delayed payment.”
People’s Bank CEO/General Manager N. Vasantha Kumar said: “We are happy to achieve yet another important milestone for the bank with the launch of our online ETF facilities, which will enable our customer base of 13million many value additions and convinces. The People’s ETF Net e-processing product is ready for the market, 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 allow them to ensure that their hard earned savings will be maintained with accuracy, ensuring utmost security and increasing the reach of this progressive product across the length and breadth of Sri Lanka. With the launch of People’s ETF Net we are able to support our customers with mobile reports anytime they wish. I would like to thank the team from ETF and my team here at People’s Bank for enabling this service to our customers.”
Employees’ Trust Fund Board Additional General Manager M.C.H Gunerathne and Deputy General Manager (Operations) Bonifus Silva signed the agreement.
Employees’ Trust Fund Board Additional General Manager M.C.H Gunerathne, Consultant (IT) Dr. R.B. Ekanayake, Deputy General Manager (MS) W.S. Dissanayake, Deputy General Manager (C&ER) J.M.S.B Udugama, Manager (System Administration) M.D Costa, People’s Bank Deputy General Manager (Risk Management) Sabry Ibrahim, Head of Marketing and Public Affairs Deepal Abeysekara, Deputy General Manager (Operations) Bonifus Silva, Deputy General Manager (Retail Banking) Renuka Jayasinghe, Chief Law Officer G. Ekanayake, Acting Head of IT Sobitha Weerasekara, Assistant General Manager (Marketing and Product Development) Chandrasiri Frenando, Assistant General Manager (Western Zonal 1) R. Ranathunga, Regional General Manager (Colombo South) N.U.L.A Ansar and Narahenpita Branch Manager E.R.H.N Edirisinghe attended this occasion.
