Govt to introduce new digitalization system for EPF – Dy Minister

The government of Sri Lanka has decided to introduce a new digitalization system for the Employees’ Provident Fund (EPF).

Minister of Labour and Deputy Minister of Finance and Planning, Dr. Anil Jayantha, stated today (25th) while participating in the budget debate in Parliament that this initiative is being carried out under the digital access program for the entire public service, with the aim of providing an efficient service to the public.

The Deputy Minister further noted that a mechanism is already in operation allowing registered EPF members to obtain account information via internet services or mobile SMS.

However, he pointed out that the development of the current EPF information system commenced around the year 2000 and has not been modernized to suit present and future requirements.

The Deputy Minister explained that currently, difficulties arise because the Central Bank of Sri Lanka (CBSL) and the Department of Labour maintain two separate data systems. Therefore, this digitalization project is scheduled to be implemented by integrating these two systems.

Dr. Anil Jayantha stated that the new digitalization system will operate under several key components:

• Enabling employers to make EPF/ETF payments via a single application.

• Creating interconnectivity between data systems, eliminating the need for separate updates to the Central Bank and the Department of Labour.

• Providing an opportunity for employees to enter information related to their employment into the data system through their member accounts.

• Updating EPF/ETF balances 

• Facilitating online checking and notifications via auto-generated messages.

• Implementing an inspection application linked to complaint management within this digital system.