People’s Bank launches new online system

Anushika Ranadewa

People’s Bank together with the Employees Provident Fund Department of the Central Bank of Sri Lanka, launched online People’s EPF Net recently.

This mechanism provides the facility for the organizations to pay their employees EPF entitlements online which is a paperless, hassle free and secure e-payments system.The process that equips companies with the tools they need to direct their accordance with Employees Provident Fund commitments, is said to be one of the furthest reaching e-commerce outcomes in the trade as it propagates over every branch of People’s Bank and savings centres all over the country.

The latest system is speedy and secure EPF processing. The intention is to reduce the administration cost and to improve accuracy and efficiency in collection of EPF member contributions. This system will be advantageous not only to the EPF but also to participating banks as well as help employers to utilize their funds effectively. It will a great convenience for the employers as it is a paperless system.

The launch of this ‘People’s EPF NET’ system ensures that the EPF system works with celebrated efficiencies serving more people in the nation, a official of the People’s Bank said.