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ETF: Firms with over 15 workers told to adopt online system
View(s):The remittances of all companies with more than 15 employees are instructed to pay their Employees’ Trust Fund (ETF) through an online system, Minister of State for Finance, Ranjith Siyabalapitiya said.
The concept will be enacted according to a decision by the President as the Minister of Finance and according to the gazette notification issued in keeping with the policy of providing services and conducting business online with effect from March 1, 2023.
The Objectives of establishing an online system are to help secure the rights of the 2.8 million employees registered with the ETF Board and to ensure transparency along with smooth operations, he said.
He said this initiative will ease their work while the ETF Board intends to put a stop to all the drawbacks of the manual system. Earlier, only institutions that had over 50 employees were engaged in this programme but from February 1 it will have a bearing on all organisations that exceed a workforce of 15.
He said employees will have every right to check up on their ETF remittances online and the programme will be further developed to send an SMS to the respective employee to notify them of their ETF payments.
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