The self-member will be able to utilize the service at the Sri Lanka Country portal www.srilanka.lk or View Member Balance at ETF website to view his/her ETF balance through the web, modify profile information, reset password, and download claim application Form by using the log-in account received.
Is it possible to withdraw ETF?
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.
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.
Are ETFs considered index funds?
ETFs are index funds that track a diversified portfolio of securities. Mutual funds are a type of investment that pools money into bonds, securities, and other assets to generate income. Stocks are investments that pay out dependent on how well they perform. ETF prices can trade at a premium or a discount to the fund’s net asset value.
Are exchange-traded funds (ETFs) safer than stocks?
Although this is a frequent misperception, this is not the case. Although ETFs are baskets of equities or assets, they are normally adequately diversified. However, some ETFs invest in high-risk sectors or use higher-risk tactics, such as leverage. A leveraged ETF tracking commodity prices, for example, may be more volatile and thus riskier than a stable blue chip.
Are ETFs suitable for novice investors?
Because of their many advantages, such as low expense ratios, ample liquidity, a wide range of investment options, diversification, and a low investment threshold, exchange traded funds (ETFs) are perfect for new investors. ETFs are also ideal vehicles for a variety of trading and investment strategies employed by beginner traders and investors because of these characteristics. The seven finest ETF trading methods for novices, in no particular order, are listed below.
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.