ETF members, including self-employed members, can check their ETF balance by checking in to the service at the Sri Lanka country portal www.srilanka.lk or by going to the View Member Balance section of the ETF website using their individual log-in account.
When will I be able to withdraw ETF from Sri Lanka?
Members of the ETF, unlike members of the EPF, do not have to wait until they reach the age of 55 to withdraw their fund balance. Members who are employed, on the other hand, will not be able to withdraw the balance in their account.
If a member’s services are terminated for whatever reason, he or she is eligible for a refund.
Changes in employment, retirement, dismissal, resignation, vacation of post, establishment closure, and so on.
It’s vital to emphasize that the service should be physically terminated, not just the administration of the facility changed on paper.
Despite the fact that the fund balance may be claimed for any of the reasons listed above, a member is not eligible to do so until five years have passed since the last refund claim.
d) Employment termination due to permanent incapacity as a result of an accident or illness
In the event of a member’s death, the ETF balance will be given to the deceased member’s rightful heirs.
In Sri Lanka, how can I pay my ETF?
When remitting contributions, a bigger category employer must submit a properly completed form “R1” remittance form with payment by check, money order, or cash. Employers in a smaller category must submit a fully completed application “R4 remittance form with check, money order, or cash payment Please note that the ETF will not accept payments without the “R1” or “R4” remittance forms.
When may we apply for ETF?
Unlike Employees’ Provident Fund, which requires members to wait until they reach a certain age to withdraw their fund balance, ETF members do not have to wait until they reach a certain age to take their fund balance.
In Sri Lanka, what are EPF and ETF?
Terms like Employees’ Provident Fund (EPF) and Employees’ Trust Fund (ETF) may fly over our heads as young folks entering the job. We fumble through our professional lives with only a hazy idea of what they are and what they entail. What’s on our thoughts is our overall take-home pay, after all, deductions are made, and we forget that in a few years, we’ll have built up a nice little nest egg.
You might think of EPF as your social security plan, and it’s a big one. According to the EPF Act, you as an employee must contribute 8% of your monthly salary to this fund, with your employer contributing another 12%.
ETF, on the other hand, is a fund administered by the Ministry of Labour and Trade Union Relations, and it is a fund to which the employer contributes (3 percent of the employee’s wage in most cases).
You can collect payments from your ex-employer, but not from where you are currently employed, if you simply change positions during the five-year term specified on the basis of marriage. “If you remove whatever amount you have accrued in your account from previous employers during this time, you would not be allowed to withdraw again unless you migrate or retire,” informed SHAMMAS AMEER, Manager – People & Culture at Capital Media Pvt Ltd.
Furthermore, when it comes to migrating, you can only claim your EPF earnings if you have been granted permanent residence. “Obtaining a work visa/permit from another country is insufficient, and you will be ineligible to receive this cash,” Shammas affirmed.
Up to your last employer, you can only claim ETF once every five years. “Until that moment, you can claim the 3% until you quit your current job.” After that, you must wait another five years before attempting a withdrawal,” Shammas explained.
Is it possible to check my EPF balance online?
Make sure your UAN number has been activated by your company before checking your PF amount. You may also check your PF balance by going to the Google Play Store and installing the “m-Sewa app of EPFO.”
- After you’ve downloaded the app, navigate to ‘Member’ and then ‘Balance/Passbook.’
- Enter your UAN and registered cellphone number after that. The system will cross-reference your phone number with your UAN. After you’ve double-checked all of the information, you’ll be able to see your updated EPF balance. It will produce an error if there is a mismatch.
The Ministry of Electronics and Information Technology just launched an app called “Umang,” she says. Umang is an one portal that integrates Aadhaar, gas booking, crop insurance, NPS, and EPF, among other government services. This app can also be used to verify your EPF information.
After installation, go to the app’s homepage and look for the EPFO option under the heading “To get access to your PF account information, go to “Employee Centric Services.” The Google Play Store is where you can get the app.
What exactly is the Sri Lanka ETF?
The Employees’ Trust Fund (ETF), a social security program, was established on 1 March 1981 by the Parliament of the Democratic Socialist Republic of Sri Lanka under Act No.46 of 1980 to promote I employee ownership, employee welfare, and economic democracy through participation in financing and investment, (ii) employee participation in management through the acquisition of equity interest in enterprises, and to provide non-contributory benefits to employees up to a certain amount. Permanent, temporary, casual, contract, piece-rate pay, learners, and apprentices employed in the business and public sectors are all eligible to participate.
In Sri Lanka, how can I obtain my EPF money?
- If the member is still active, he or she is eligible for a loan of up to 75% of the total fund.
- Inactive members are eligible for a loan of up to 50% of the total fund if they are inactive.
To begin, bring your most recent EPF balance statement to the local Labor office.
- Obtain a name certification letter from your workplace using your NIC and Social Security number “The same is certifying the “B” Card.
- If the discrepancy is found to be in the name or number, it should be reported “B” card with the NIC, go to the Labor Department and correct the problem before going to the Central Bank’s EPF Department.
- Send the letter, along with certified copies of the NIC and B card, to the Superintended of the EPF Department and/or the Labour Department.
- Your name will be modified after verification, and a slip with the new name data will be mailed to your corresponding address.
If the refund amount exceeds Rs.5,000,000/-, a cheque will be issued and mailed to the applicant’s address on the refund claim form.
What is the procedure for opening an ETF account?
How to Purchase an ETF
- Create an account with a brokerage firm. To purchase and sell assets like ETFs, you’ll need a brokerage account.
- With the use of screening tools, you can find and compare ETFs. It’s time to determine which ETFs to buy now that you have your brokerage account.