About ETF Board

The ETF Board was established under Act No-46 of 1980 and commenced operations on 1st March 1981 under the Ministry of Labour and currently functions under Hon. Minister Basil Rajapaksa of the Ministry of Finance, Economy, and Policy Development. All public sector employees who are not entitled to the Govt. Pension Scheme and 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/member and hence, it is a non-contributory benefit to the member. During the past 39 years, the Fund has grown rapidly and achieved a total Fund of about Rs. 339 Billion by end of December 2019 whilst serving to about 2.6 Million active members on behalf of whom about 79,000 Employers contribute to the Fund.

OUR VISION

To be the most dynamic & viable premier trust for all stakeholders through organizational excellence.

OUR MISSION

Be the most caring & prudent trust providing a wide range of financial member benefits and excellent customer services.

Main Activities of the Board

  • Collection of contributions from  Employers.
  • Prudent investment of such Funds.
  • Providing a range of social and welfare benefits to members and paying out claims.
  • Enforcement and Legal activities including tracking of non paying employers and collecting of surcharge income.
  • Maintaining Member Accounts and issuing of Annual member statements.
  • Declaration of a Dividend to members based on the profits earned by the Fund, annually.
  • Enrolling Self employed persons as members of the Fund.

CORPORATE VALUES

✰ TRUST
✰ HONESTY & INTEGRITY
✰ ACCOUNTABILITY
✰ TEAM SPRIT
✰ REWARD & RECOGNITION
✰ HOSPITALITY
✰ COMMITMENT
✰ RESPONSIVENESS
✰ CREATIVITY

Member Benefits

A main objective of establishing the Fund was to provide non-contributory welfare benefits to its members while at present the following 08 schemes are in operation. These benefits are granted irrespective of the balance in the members account and also no deductions are made from their accounts for the benefits paid while the members account is credited with the full interest and dividend declared by the Fund each year.

 

Main Operations

Activity

Contributions from Employers

Investment Income

Surcharge Income

Enforcement and Legal recoveries

Claims refund payments

Benefit Claims payment

Net Profit

Size of the Member's Fund

2020

Rs. Mn.

0
0
0
0
0
0
0

Rs. Bn.

0

2019

Rs. Mn.

0
0
0
0
0
0
0

Rs. Bn.

0

2018

Rs. Mn.

0
0
0
0
0
0
0

Rs. Bn.

0
Activity 2020 2019 2018
Contributions from Employers
Rs. Mn. ➤​
26,751
26,751
25,282
Investment Income
Rs. Mn. ➤​
33,706
31,659
28,340
Surcharge Income
Rs. Mn. ➤​
192
339
364
Enforcement and Legal recoveries
Rs. Mn. ➤​
695
1,149
1,175
Claims refund payments
Rs. Mn. ➤​
18,570
19,808
18,292
Benefit Claims payment
Rs. Mn. ➤​
405
455
425
Net Profit
Rs. Mn. ➤​
28,007
25,519
23,285
Size of the Member's Fund
Rs. Bn. ➤​
375.2
339
306.4
  • Investments
  • Branch Network
  • Information Technology
  • Self Employment
  • Future Plans

Over 91% of the ETF Investments are placed in Government Securities yielding a guaranteed high return in the prevailing market conditions. Statutorily, the Board should declare an annual Dividend + Interest to all its members and the Board declared 8.0% for year 2019.

The Board has a network of 19 Regional offices in major cities such as Colombo, Gampaha, Kandy, Ratnapura, Kalutara, Galle, Matara, Kurunegala, Anuradhapura, Badulla., Kegalle, Hambantota, Ampara, Jaffna, Vavuniya, Nuwara Eliya and Trincomalee. This has further strengthen the Enforcement activities in the respective areas and increase the Revenue.

Major innovations in the IT field has been launched as follows,

  1. The main Computer system has been upgraded with adequate capacity to serve the needs of the Members speedily.
  2. All Regional Offices have been linked with the Head Office Computer system to function online.
  3. Payment of Claims have been decentralized in 06 Regional Offices (Gampaha, Kandy, Matara, Kurunegala, Badulla and Nuwara Eliya) to ensure a more member friendly service and this facility would be extended to other Regional Offices as well in future.
  4. The facility for the Employers to pay their contributions online (Internet Banking) has been in operational since September 2008. This would be a major development in the receipt of Contributions and the process would be more Employer friendly.
  5. The Member Accounts are being updated to ensure that all accounts would be online from year 2010.

The Board is focusing its active attention to promote Self employment activities by enrolling more Self employed members to the Fund. In this connection, Self employment promotion officers have been appointed to cover major districts. The main target groups are the Samurdhi recipients, Diary farmers, Newspaper Agents, Lottery Agents and Three wheel drivers.

The ETF Board is still without its own Office complex in Colombo, and operates 04 rented offices in the Narahenpita, Nawala area.  The Cabinet of Ministers has approved to construct a modern office complex which will house the ETF, the EPF(Labour Dept) and a part of the EPF (Central Bank) as a “one – stop shop”. Construction of this building commenced during 2013.

The ETF owns a valuable property of 2 ¼ acres at Nawam Mawatha Colombo 02 which is presently leased out as a Car park generating an income of Rs. 1.5 Million per month. We are looking at the possibility of entering in to a joint venture project to develop this property, as a commercial venture.