presented by w.j.l.u.wijayaweera commisioner of labour some points for discussion
TRANSCRIPT
Presented by
W.J.L.U.Wijayaweera
Commisioner of labour
SOME POINTS FOR DISCUSSIONSOME POINTS FOR DISCUSSION
ADDITIONAL POINTS TO BEADDITIONAL POINTS TO BECONSIDEREDCONSIDERED
1. PROTECTION UNDER WC ACT.1. PROTECTION UNDER WC ACT.
2.PUBLIC SERVENTS WHO DO NOT ENJOY 2.PUBLIC SERVENTS WHO DO NOT ENJOY PENSION ARE COVERED BY P.S.P.F.PENSION ARE COVERED BY P.S.P.F.
3.UNDER EPF COVERAGE 1.9m REPRESENT ONLY 3.UNDER EPF COVERAGE 1.9m REPRESENT ONLY ACTIVELY CONTRIBUTING MEMBERS.THE ACTIVELY CONTRIBUTING MEMBERS.THE NUMBER OF MEMBERS FOR WHOM THE NUMBER OF MEMBERS FOR WHOM THE DEPARTMENT HAS TAKEN LEGAL ACTION (.5m) DEPARTMENT HAS TAKEN LEGAL ACTION (.5m) ALSO TO BE ADED. ALSO TO BE ADED.
YEAR CONTRIBUTING NON CONTRIBUTING
1999 1,900,000 6,150,000
2000 1,913,288 6,663,899
2001 1,932,000 6,910,400
2002 1,984,000 7,324,000
2003 1,872,073 7,941,797
2004 1,973,601 8,333,876
MEMBER ACCOUNTS FOR 6 YEARMEMBER ACCOUNTS FOR 6 YEAR
WHY LARGE NUMBER OF WHY LARGE NUMBER OF INACTIVE MEMBERSINACTIVE MEMBERS
1.MULTIPAL MEMBER ACCOUNTS
2.CUMBERSOME PROCESS OF AMALGAMATION OF ACCOUNTS
3.NEED OF THE UNIQUE IDENTIFICATION MEMBER NUMBER
CLASSIFICATION OF MEMBER CLASSIFICATION OF MEMBER BALANCES-2004BALANCES-2004
MEMBER MEMBER ACCOUNT ACCOUNT
BALANCE RANGE BALANCE RANGE (Rs)(Rs)
No. of No. of Contributing Contributing
AccountAccount
No. of Non No. of Non Contributing Contributing
AccountAccount
TotalTotal
0-500000-50000 12462311246231 75359617535961 87821888782188
50000-10000050000-100000 238294238294 423218423218 661512661512
100000-200000100000-200000 212930212930 239294239294 452224452224
200000-400000200000-400000 177254177254 103993103993 281247281247
400000>400000> 9889298892 3141531415 130307130307
TOTAL REFUNDSYEAR NO.OF
REFUNDS PROCESSED
AMMOUNT (Rs Mn)
AVERAGE BENEFITS (RS)
2000 95,157 10,802 113517.7
2001 93,008 11,194 120355.2
2002 91,493 12,553 137336.8
2003 89,335 17,032 190653.2
2004 98,666 16,617 171546.3
2005 93,841 17,024 181413.2
ADIQUACY OF BENIFITSADIQUACY OF BENIFITS1.1. WHETHER THE BENEFITS ARE WHETHER THE BENEFITS ARE
SUFFICIENT ENOUGH FOR THE REST OF SUFFICIENT ENOUGH FOR THE REST OF THE LIFETHE LIFE
2. IMPACT OF THE COMITMENT AT2. IMPACT OF THE COMITMENT AT
THE TIME OF RETIREMENT.THE TIME OF RETIREMENT.
3. BREAK DOWN OF TRADITIONAL FAMILY 3. BREAK DOWN OF TRADITIONAL FAMILY SUPORT SYSTEMSUPORT SYSTEM
CHALLENGES FOR REQUIRED CHALLENGES FOR REQUIRED CHANGESCHANGES
1. LACK OF AWARENESS AMONG 1. LACK OF AWARENESS AMONG MEMBERS ABOUT THE DANGERMEMBERS ABOUT THE DANGER
2.UNDER DEVELOPED MARKET FOR 2.UNDER DEVELOPED MARKET FOR ANNUITIES.ANNUITIES.
3.LACK OF PROPER SOURCES OF 3.LACK OF PROPER SOURCES OF INVESTMENTS OF FUNDS.INVESTMENTS OF FUNDS.
CONTRIBUTIONSCONTRIBUTIONSYEARYEAR AMOUNT (RS)AMOUNT (RS) CHANGE (%)CHANGE (%)
19921992 5,294,467,7055,294,467,705 19.7519.75
19931993 6,610,914,2376,610,914,237 24.8624.86
19941994 7,405,794,2187,405,794,218 12.0212.02
19951995 8,154,233,7288,154,233,728 10.1110.11
19961996 9,301,919,7829,301,919,782 14.0714.07
19971997 10,851,450,22710,851,450,227 16.6616.66
19981998 12,039,070,13612,039,070,136 10.9410.94
19991999 13,679,145,58313,679,145,583 13.6213.62
20002000 16,852,977,95716,852,977,957 23.2023.20
20012001 17,738,502,06917,738,502,069 5.255.25
20022002 18,926,509,86718,926,509,867 6.706.70
20032003 20,187,992,67220,187,992,672 6.676.67
20042004 23,329,951,30823,329,951,308 15.5615.56
20052005 27,314,905,18627,314,905,186 17.0817.08
Details of Housing Loan Facility for Details of Housing Loan Facility for the EPF Memberthe EPF Member
YearYear Member Member balance balance
Certificates Certificates issuedissued
Amount of Amount of Credit approved Credit approved
(Rs mn)(Rs mn)
Amount Paid by Amount Paid by EPF on defaults EPF on defaults
(Rs mn)(Rs mn)
20002000 12,93812,938 1,6481,648 262262
20012001 16,06616,066 2,0912,091 381381
20022002 19,50219,502 2,6732,673 541541
20032003 18,68918,689 2,7922,792 670670
20042004 14,30714,307 2,4522,452 735735
20052005 14,60014,600 2,7662,766 750*750*
CLASSIFICATION OF MEMBER CLASSIFICATION OF MEMBER BALANCES-2004BALANCES-2004
MEMBER ACCOUNT MEMBER ACCOUNT BALANCE RANGE (Rs)BALANCE RANGE (Rs)
No. of No. of Contributing Contributing
AccountAccount
No. of Non No. of Non Contributing Contributing
AccountAccount
TotalTotal
0.01-2,5000.01-2,500 313,308313,308 3,030,0793,030,079 3,343,3873,343,387
2,500-5,002,500-5,00 180,751180,751 1,267,0271,267,027 1,447,7781,447,778
5,000-10,0005,000-10,000 206,040206,040 1,222,9651,222,965 1,429,0051,429,005
10,000-15,00010,000-15,000 130,039130,039 636,684636,684 766,723766,723
15,000-20,00015,000-20,000 97,07897,078 403,549403,549 500,627500,627
20,000-25,00020,000-25,000 76,79176,791 284,364284,364 361,155361,155
25,000-30,00025,000-30,000 62,94162,941 210,122210,122 273,063273,063
30,000-40,00030,000-40,000 99,99999,999 292,092292,092 392,091392,091
40,000-50,00040,000-50,000 79,28479,284 189,075189,075 268,359268,359
CONTRIBUTIONSCONTRIBUTIONSYEARYEAR AMOUNT (RS)AMOUNT (RS) CHANGE (%)CHANGE (%)
19811981 895,677,610895,677,610 --
19821982 1,079,584,8141,079,584,814 20.5320.53
19831983 1,201,670,5301,201,670,530 11.3111.31
19841984 1,583,379,6001,583,379,600 31.7631.76
19851985 1,920,652,8781,920,652,878 21.3021.30
19861986 2,047,961,7642,047,961,764 6.636.63
19871987 2,194,280,0662,194,280,066 7.147.14
19881988 2,680,098,4422,680,098,442 22.1422.14
19891989 3,021,659,6403,021,659,640 12.7412.74
19901990 3,909,510,6543,909,510,654 29.3829.38
19911991 4,421,315,8074,421,315,807 13.0913.09
CLASSIFICATION OF MEMBER CLASSIFICATION OF MEMBER BALANCES-2004BALANCES-2004
MEMBER MEMBER ACCOUNT ACCOUNT
BALANCE RANGE BALANCE RANGE (Rs)(Rs)
No. of No. of Contributing Contributing
AccountAccount
No. of Non No. of Non Contributing Contributing
AccountAccount
TotalTotal
50,000-75,00050,000-75,000 141,383141,383 273,656273,656 415,039415,039
75,000-100,00075,000-100,000 96,91196,911 149,562149,562 246,473246,473
100,000-100,000-150,000150,000
136,499136,499 158,275158,275 294,774294,774
150,000-150,000-200,000200,000
76,43176,431 81,01981,019 157,450157,450
200,000-200,000-300,000300,000
110,447110,447 76,53776,537 186,984186,984
300,000-300,000-400,000400,000
66,80766,807 27,45627,456 94,26394,263
OVER 400,000OVER 400,000 98,89298,892 31,41531,415 130,307130,307