Nearly 50 % of SL companies pay EPF online, CB official says
View(s):Nearly 40 to 50 per cent of companies who are involved in paying EPF have already registered with the online system. Firms, who have more than 50 employees, should start sending EPF payment via online, according to P.W.D.N. Rodrigo, the Superintendent of EPF at the Central Bank (CB).
He was speaking at a recent seminar organised by the Ceylon Chamber of Commerce in collaboration with the CB and the Employers Federation of Ceylon on `Online Remittance of EPF and ETF Payments’, at the Chamber auditorium.
Mr. Rodrigo said that under the Employees’ Provident Fund Act, No 02 of 2012 and regulations gazette on the 13th May 2013, online payment of member contributions is mandatory for companies which have more than 50 employees.
He added that Sri Lanka`s rank in “Ease of Doing Business Index” is around 80, which he thinks can be improved by measures such as, submission of ETF/EPF Payment via the online system.
“Currently, Sri Lanka stands at 85th position, when it comes to ‘Ease of Doing Business Index” rankings. The Government’s intention is to come up to the 30th position by 2016,” the EPF Superintendent noted in a media release issued by the chamber.
Firms, who are keen on registering with the system, he said, should do it via the five designated banks. Those banks are Bank of Ceylon, Commercial Bank of Ceylon, Hatton National Bank, Sampath Bank PLC and People`s Bank.
The event was held to encourage local companies to start using the `e` payment scheme to pay the EPF / ETFcontributions/surcharges to the ETF Boards as relevant via the established `e` return scheme, thus helping the employer, employee and relevant stakeholders.
“The Ceylon Chamber of Commerce is of the view that the online filing of EPF and ETF returns by 50 per cent of its member companies, would contribute significantly towards, Sri Lanka gaining a substantial improvement in the ‘Doing Business Index’ ranking,” the release said.