Rs.275:billion target to be achieved:
The Employees Trust Fund (ETF), the country’s second largest social security fund worth Rs.250 billion is to completely revamp its software system by the end of the year.
The Fund signed an agreement with the Information and Communication Agency (ICTA) on Wednesday, the funds Chairman Mahinda Madihahewa said.
Responding to a query regarding the system breakdown the Fund witnessed yesterday, Madihahewa said that the system would be restored by late last night. He further said that the Fund is currently in the process of completely revamping the processes and systems.
“We are on the threshold of a revlutionising change. The fund is focused on restructuring and reingineering. As a result of this a completely modern system uptodate with the latest technology will be available to the fund and our members”.
The Fund comprises money statutorily donated by Employers on behalf of the employees,. Accordingly an equivalent of 3% of the employees salary is donated to the fund each month by over 79,600 employers. 2.6 Million employees who are members of the fund are paid dividends as a result it.
“The employees are given around 9% of the investment made on behalf of them. We invest the 3% into fully secured government securities and obtain profit out of which dividends are paid to the employees who are our members” Madihahewa told the Daily News. the Fund is laos currently in the process of introducing a new digital mode, in conjuction with the International Labour Organisation, which permits the complete digitisation of the process.
“Nothing needs to be done manually once this is introduced. This would result in a complete overhaul of how the process works. We are targeting an increase in the number of employers who contribute to the fund. We also hope to increase our funds value to 275 Billion” he said. The Fund provides its members with financial assistance in Health, Education and Housing.