Business
Lankan private sector women employees more productive working from home amid COVID-19
Almost two-thirds of 140,000 employees in Sri Lanka’s leading companies are struggling to meet personal and family financial obligations due to the impact of COVID-19, reveals a new report from IFC, a World Bank affiliate.
The report, Gendered Impacts of COVID-19 on Employment in the Private Sector, by Women in Work, a partnership between IFC—a member of the World Bank Group—and the Australian government, highlights that almost three quarters of the companies surveyed experienced a negative impact on revenue as a result of the pandemic.
The report is based on a survey conducted among 15 leading Sri Lankan companies across a range of sectors—banking and finance, fast moving consumer goods, information technology, garments and manufacturing. The companies surveyed employ more than 140,000 employees, including almost 85,000 women.
According to the study, female employees were more likely to have experienced increased hours, remote working, a change in job role or to have been re-allocated to a different business unit or work location. Moreover, female employees faced the greatest stress in terms of meeting increased electricity and other utility bills, compared to their male counterparts.
“COVID-19 has changed workplace dynamics radically. Among many other things, ‘working from home’ has become the new normal. Our research shows that despite household responsibilities and additional hours of work, women have reported an increased level of productivity during this period as compared to men,” said Amena Arif, IFC Country Manager for Sri Lanka and Maldives. “We think that this new set up has allowed more women to better manage work and home fronts. This also presents an opportunity for employers to reassess certain company policies to best suit the needs of their employees.”
The report also finds that one in five respondents reported to be concerned about possible job loss, and one in ten said they may need to find new employment. Two out of five employees surveyed said they may need to supplement their income, while one-third of them believed they would need to up-skill or retrain in a new area.
In addition, almost one-third of employees surveyed experienced a salary reduction and almost 40 percent of them had their benefits reduced due to the pandemic.
The latest IFC-DFAT findings also offer recommendations to better support working men and women in the private sector. These include developing meaningful flexible work policies, supporting staff—particularly women—with access to technology, introducing safe transportation, and providing mental health and wellness support.
Business
DPR ‘leading the way in transforming Tax Management in Sri Lanka’
In 2005, tax consulting and advisory services provider, DPR, facilitated tax calculations for Sri Lankan individual taxpayers by launching the nation’s first tax website. This initiative, introduced a decade ahead of government measures, set a new standard in online tax computation and e-return filing. DPR backs the advisory services with continued efforts to educate clients on tax related matters, launching an SMS Gateway in 2006 to share real-time tax updates with clients, a D.P.R. press release said.
Extracts from the release: ‘Continuing its legacy of innovation, DPR has relaunched the enhanced tax website with expansion of tax management offerings today, empowering clients with expert guidance and representation in tax-related matters. The new service now accessible through the DPR tax web portal www.taxsrilanka.com, further strengthens the long-standing reputation of DPR as a pioneer in Sri Lanka’s tax management landscape.
‘The web launching ceremony was attended by prominent figures in Sri Lanka’s tax industry. D.R.S. Hapuarachchi, Former Commissioner General of the Inland Revenue Department of Sri Lanka, served as Chief Guest, while P. Guruge, Former Fiscal Adviser to the Ministry of Finance, was the Guest of Honour. Also in attendance were Ms. Dhammika Gunathilake, Former Deputy Commissioner General and Tax Adviser to the Ministry of Finance, Premeratne Banda, Former President of the Chartered Institute of Taxation and Senior Commissioner of Inland Revenue, and Dr. Samantha Rathnayake, Senior Faculty Member at the Postgraduate Institute of Management, University of Sri Jayawardenepura.
‘During his keynote address, Hapuarachchi highlighted the essential role tax consultants like DPR play in ensuring accurate tax calculation for the government while protecting clients’ rights through tax relief and incentives. P.Guruge also conveyed the critical importance of ethical tax management practices, asserting that such responsibilities lie fundamentally with the government. He emphasized DPR’s unwavering commitment to fostering transparency and integrity in tax compliance, reinforcing the notion that responsible tax practices are essential for the overall economic health of the nation
Business
ComBank partners Capital Trust Properties to make home-owning dreams a reality
A collaboration between the Commercial Bank of Ceylon and Capital Trust Properties, the leading real estate brokering company in Sri Lanka, has opened up exciting new possibilities for Sri Lankans seeking to buy homes.
A memorandum of understanding (MoU) between the two corporate giants paves the way for Capital Trust to direct prospective customers to Commercial Bank for financing support, and for the Bank to offer bespoke home loans that will facilitate the purchase of homes at multiple property developments, with an emphasis on apartments.
A subsidiary of Capital Trust Holdings, Capital Trust Properties offers a wide spectrum of residences at its own condominium projects like Capital Trust Thimbirigasyaya and Vajira Road, as well as at other high-end condominium developments such as Trizen, Havelock City, Shangri La, Capitol Twinpeaks, Prime Yolo, and Iconic Galaxy, among others.
“We are pleased to offer more opportunities for individuals seeking their dream homes through this partnership,” said Commercial Bank Deputy General Manager – Retail Banking & Marketing, Hasrath Munasinghe. “With a diverse range of home loan products at competitive rates, Commercial Bank provides customers with the flexibility to choose what suits them best. We are confident that the synergy between our two companies will help turn the home ownership aspirations of many into a reality.”
Notably, Commercial Bank became the first private sector bank in Sri Lanka to achieve market leadership in the Home Loans sector earlier this year, with a home loans portfolio of Rs 72.965 billion as at 31st March 2024.
Commercial Bank Home Loans are available for purchase of bare land, a house, apartment, construction of a house, completion of a partially-built house, renovation of or an extension to an existing house, and for settlement of an existing home related loan. Besides its General Home Loans, the Bank has a separate loan scheme for first time home buyers and builders as well as Green Home Loans and Foreign Currency Home Loans.
A first in Sri Lanka, Commercial Bank’s ‘First Time Home Buyers & Builders’ scheme offers a free or discounted Decreasing Term Assurance Policy (DTAP) covering the loan, thereby eliminating or reducing the burden of the cost of the loan protection insurance at a time of escalated construction cost. Commercial Bank’s Green Home Loan is another first-of-its-kind product in the market, which enables financing of both Green Building Council certified projects as well as other green initiatives including residential solar installation at the best interest rates coupled with other concessions.
Commercial Bank also pioneered ‘Flexible Home Loans’ options, which include Residual Home Loans and Step-up Home Loans. These options have been designed for applicants whose repayment capacity is inadequate to service the loans, when the monthly instalment is calculated under traditional methods, such as EMI (Equated Method Instalment) and Reducing Balance Methods.
Under Residual Home Loans, customers can repay part of the capital of the loan and postpone the repayment of the balance. As in the case of Step-up Loans, tailor-made, graduated repayment plans are offered, after evaluating the applicant’s present and projected income.
Additionally, the Bank offers a five-year grace period for professionals and high net worth individuals, where they can pay only the interest during the grace period and thereafter commence the repayment of capital together with interest, under any available method of repayment such as Equated Monthly Instalment, Reducing Balance Method or Step-up Home Loans, whichever best suits each borrower.
Sri Lanka’s first 100% carbon neutral bank, Commercial Bank is the largest private sector bank in Sri Lanka and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World. The Bank is the largest lender to Sri Lanka’s SME sector, and is a leader in digital innovation in the country’s Banking sector. Commercial Bank operates a strategically-located network of branches and 974 automated machines island-wide, and has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.
Business
World Bank-inspired buoyancy continues in stock market
By Hiran H.Senewiratne
The stock market bounced back yesterday after witnessing profit- takings over the last few days. A favourable growth forecast of 4.4 percent for 2024 by the World Bank helped the bourse to move up, market analysts said.The All Share Price Index went up by 130.5 points, while S and P SL20 rose by 34.48 points.
Turnover stood at Rs 2.3 billion with five crossings. Those crossings were reported in JKH, which crossed 1.1 million shares to the tune of Rs 616 million; its shares traded at Rs 196, Digital Mobile Solutions Limited 2.3 million shares crossed for Rs 88.5 million; its shares traded at Rs 38.50, Royal Ceramic 805,000 shares crossed for Rs 26.5 million; its shares traded at Rs 33, Chevron Lubricants 185,000 shares crossed for Rs 23.2 million; its shares sold at Rs 125.75 and CIC 300,000 shares crossed to the tune of Rs 22.7 million; it’s shares fetched Rs 75.8.
In the retail market top event companies that mainly contributed to the turnover were; Commercial Bank Rs 150 million (1.4 million shares traded), HNB Rs 123 million (564,000 shares traded), JKH Rs 108 million (559,000 shares traded), LMF Rs 92 million (2.9 million shares traded), Lanka IOC Rs 81.7 million (712,000 shares traded), Commercial Bank (Non- Voting) Rs 67.9 million (802,000 shares traded) and Sampath Bank Rs 66.9 million (809,000 shares traded). During the day 81.3 million share volumes changed hands in 160000 transactions
It is said that High net worth and institutional investor participation was noted in Citizens Development Business Finance, JKH and HNB. Mixed interest was observed in Sampath Bank, Commercial Bank and Dialog Axiata, while retail interest was noted in SMB Leasing, Waskaduwa Beach Resort and Softlogic Capital.
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