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Presented by W.J.L.U.Wijayaweera Commisioner of labour SOME POINTS FOR DISCUSSION.

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Presentation on theme: "Presented by W.J.L.U.Wijayaweera Commisioner of labour SOME POINTS FOR DISCUSSION."— Presentation transcript:

1 Presented by W.J.L.U.Wijayaweera Commisioner of labour SOME POINTS FOR DISCUSSION

2 ADDITIONAL POINTS TO BE CONSIDERED 1. PROTECTION UNDER WC ACT. 2.PUBLIC SERVENTS WHO DO NOT ENJOY PENSION ARE COVERED BY P.S.P.F. 3.UNDER EPF COVERAGE 1.9m REPRESENT ONLY ACTIVELY CONTRIBUTING MEMBERS.THE NUMBER OF MEMBERS FOR WHOM THE DEPARTMENT HAS TAKEN LEGAL ACTION (.5m) ALSO TO BE ADED.

3 YEAR CONTRIBUTING NON CONTRIBUTING 19991,900,0006,150, ,913,2886,663, ,932,0006,910, ,984,0007,324, ,872,0737,941, ,973,6018,333,876 MEMBER ACCOUNTS FOR 6 YEAR

4 WHY LARGE NUMBER OF INACTIVE MEMBERS 1.MULTIPAL MEMBER ACCOUNTS 2.CUMBERSOME PROCESS OF AMALGAMATION OF ACCOUNTS 3.NEED OF THE UNIQUE IDENTIFICATION MEMBER NUMBER

5 CLASSIFICATION OF MEMBER BALANCES-2004 MEMBER ACCOUNT BALANCE RANGE (Rs) No. of Contributing Account No. of Non Contributing Account Total >

6 TOTAL REFUNDS YEARNO.OF REFUNDS PROCESSED AMMOUNT (Rs Mn) AVERAGE BENEFITS (RS) ,15710, ,00811, ,49312, ,33517, ,66616, ,84117,

7 ADIQUACY OF BENIFITS 1. WHETHER THE BENEFITS ARE SUFFICIENT ENOUGH FOR THE REST OF THE LIFE 2. IMPACT OF THE COMITMENT AT THE TIME OF RETIREMENT. THE TIME OF RETIREMENT. 3. BREAK DOWN OF TRADITIONAL FAMILY SUPORT SYSTEM

8 CHALLENGES FOR REQUIRED CHANGES 1. LACK OF AWARENESS AMONG MEMBERS ABOUT THE DANGER 1. LACK OF AWARENESS AMONG MEMBERS ABOUT THE DANGER 2.UNDER DEVELOPED MARKET FOR ANNUITIES. 2.UNDER DEVELOPED MARKET FOR ANNUITIES. 3.LACK OF PROPER SOURCES OF INVESTMENTS OF FUNDS. 3.LACK OF PROPER SOURCES OF INVESTMENTS OF FUNDS.

9

10 CONTRIBUTIONS YEAR AMOUNT (RS) CHANGE (%) 19925,294,467, ,610,914, ,405,794, ,154,233, ,301,919, ,851,450, ,039,070, ,679,145, ,852,977, ,738,502, ,926,509, ,187,992, ,329,951, ,314,905,

11 Details of Housing Loan Facility for the EPF Member Year Member balance Certificates issued Amount of Credit approved (Rs mn) Amount Paid by EPF on defaults (Rs mn) ,9381, ,0662, ,5022, ,6892, ,3072, ,6002,766750*

12 CLASSIFICATION OF MEMBER BALANCES-2004 MEMBER ACCOUNT BALANCE RANGE (Rs) No. of Contributing Account No. of Non Contributing Account Total ,500313,3083,030,0793,343,387 2,500-5,00180,7511,267,0271,447,778 5,000-10,000206,0401,222,9651,429,005 10,000-15,000130,039636,684766,723 15,000-20,00097,078403,549500,627 20,000-25,00076,791284,364361,155 25,000-30,00062,941210,122273,063 30,000-40,00099,999292,092392,091 40,000-50,00079,284189,075268,359

13 CONTRIBUTIONS YEAR AMOUNT (RS) CHANGE (%) ,677, ,079,584, ,201,670, ,583,379, ,920,652, ,047,961, ,194,280, ,680,098, ,021,659, ,909,510, ,421,315,

14 CLASSIFICATION OF MEMBER BALANCES-2004 MEMBER ACCOUNT BALANCE RANGE (Rs) No. of Contributing Account No. of Non Contributing Account Total 50,000-75,000141,383273,656415,039 75, ,00096,911149,562246, , ,000136,499158,275294, , ,00076,43181,019157, , ,000110,44776,537186, , ,00066,80727,45694,263 OVER 400,000 98,89231,415130,307


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