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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.
Prime
Minister
Mahinda
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.
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Main
Activities
of
the
Board
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Collection
of
contributions
from
Employers.
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Prudent
investment
of
such
Funds.
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Providing
a
range
of
social
and
welfare
benefits
to
members
and
paying
out
claims.
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Enforcement
and
Legal
activities
including
tracking
of
non
paying
employers
and
collecting
of
surcharge
income.
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Maintaining
Member
Accounts
and
issuing
of
Annual
member
statements.
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Declaration
of
a
Dividend
to
members
based
on
the
profits
earned
by
the
Fund,
annually.
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Enrolling
Self
employed
persons
as
members
of
the
Fund.
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Member
Benefits
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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.
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Benefits
scheme
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Value
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Death
Benefits
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Rs.
100,000/-
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Permanent
Disable
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Rs.
200,000/-
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Intraocular lens (IOL)
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Rs.
15,000
each
eye
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Heart
Surgery
Assistance
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Rs.
300,000/-
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Kidney
Transplant
Assistance
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Rs.
300,000/-
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SHRAMASUWA REKAWARANA Hospitalization Scheme
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Rs.
50,000/=
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Year-05
Scholarships
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Rs.15,000/-
each
for
9000
Scholarships
per
year.
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GCE(AL)
Examination
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Rs.12,000/-
each
for
5000,
Financial
grants
per
year.
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"VIYANA"
Housing
loan
Scheme.
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Rs, 100,000 Up to Rs. 2,500,000 at concessionary rates of interest
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Main
Operations
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Activity
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2020
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2019
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2018
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Contributions
from
Employers
(Rs.
Mn.)
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26,751
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27,476
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25,282
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Investment
Income
(Rs.
Mn.)
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33,706
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31,659
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28,340
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Surcharge
Income
(Rs.
Mn.)
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192
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339
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364
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Enforcement
and
Legal
recoveries
(Rs.
Mn.)
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695
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1,149
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1,175
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Claims
refund
payments
(Rs.
Mn.)
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18,570
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19,808
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18,292
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Benefit
Claims
payment
(Rs.
Mn.)
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405
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455
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425
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Net
Profit
(Rs.
Mn.)
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28,007
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25,519
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23,285
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Size
of
the
Member's
Fund
(Rs.
Bn.)
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375.2
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339.2
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306.4
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Investments
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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.
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Regional
Office
Network
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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.
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Information
Technology
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Major
innovations
in
the
IT
field
has
been
launched
as
follows,
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The
main
Computer
system
has
been
upgraded
with
adequate
capacity
to
serve
the
needs
of
the
Members
speedily.
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All
Regional
Offices
have
been
linked
with
the
Head
Office
Computer
system
to
function
online.
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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.
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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.
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The
Member
Accounts
are
being
updated
to
ensure
that
all
accounts
would
be
online
from
year
2010.
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Self
Employment
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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.
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Future
Plans
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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.
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The
ETF
owns
a
valuable
property
of
2
�
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.
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