Cargills Bank enables online EPF payments for businesses
Cargills Bank signed a Memorandum of Understanding (MOU) with the Central Bank of Sri Lanka (CBSL) on 8 January 2018, enabling services of the Employees Provident Fund (EPF) E-return System through Cargills Bank’s corporate internet banking.
Small & Medium Enterprises (SME) and corporates can now remit their EPF payments and submit their returns electronically and conveniently, with real-time verification.
The MOU was signed by Rajendra Theagarajah, MD/CEO Cargills Bank Limited and K. N. N. Malkanthi Bandara, Superintendent, EPF Department, Central Bank of Sri Lanka.
The EPF E-return system is completely electronic and can be used by employers to send EPF returns to CBSL. Employers with over 10 staff have the option of registering for the E-return system. Regulations require every employer with over 50 employees to register for the EPF E-return system, with mandatory monthly EPF payments and submissions.
“While accelerating EPF activities, the portal offers the EPF unit of CBSL which manages a large section of employers who contribute to the fund, better monitoring and control over the SME sector, minimizing the processes, and easing an otherwise laborious task,” said Malkanti Bandara. She added that the portal also improves accuracy and efficiency in collection of EPF member contributions.
Cargills Bank has embarked on a focussed strategy in support of the national imperatives of financial inclusion and digital empowerment.
Speaking of the service focus on the SME sector, Rajendra Theagarajah said, “Cargills Bank business internet banking encourages the SME industry to start using the EPF E-return system, easing the process and thereby helping the employer, employee and relevant stakeholders. Cargills Bank is pleased to once again add value to SMES by facilitating prompt, convenient and secure EPF processing”.
The services include checking of status, viewing of error logs, and printing member details. On successful submission, the total member contributions are credited to an EPF collection account. This is offered to all SME and Corporate customers of Cargills Bank who have registered for online services such as online payments of salaries, bonuses, interest, and dividends.