The caption is to focus attention on the significance and importance of the workers day this year, and secondly on the tragic situation employees find themselves in today as a result of the economic mess we are in. This led to the coalescing of the workers labour issues with the protests of the public in general because of its disappointment with governance which has brought the country to acknowledged bankruptcy.
Granted, everyone is responsible for this economic mess. Why do I say so? The business community, or at least the significant players, play along with politicians because it has become the culture of the country to ‘suck up’ to politicians to survive, and moreover to thrive. The country has seen the destruction of processes which were in place in relation to how public contracts should be handled, which has inevitably led to corruption. It is sad that sometimes one cannot survive in this jungle where the political beasts will destroy you unless you play their game.
Today, May 6 (as this is being written) there is a Hartal organized by the unions and principally by the JVP. It would seem as if all workplaces have heeded the call and the workers of the Free Trade Zones also were seen demonstrating.
In the 1950’s the Trade Unions were very powerful and were able to make political issues a cause for taking workers out on strike. Of course, at times the political issues had at their core issuesa which affected the working population and as we see now, political issues can and do arise as a result of socio-economic issues which concern all workers and they have a right to protest.
The July 1980 strike saw unions espouse political causes which the Left Unions brought up to defeat the government, and it was unfortunate that private sector employees who were covered by Collective Agreements which could be re-negotiated when economic conditions so needed, also joined the public sector in a strike which the Jayewardene administration crushed.
In Employers Federation Companies, the members decided that they would take back the strikers although according to the Government’s position, legally they had abandoned their jobs. There were only two unions which prevented their members from taking the offer of our members. They belonged to the Communist Unions, one pro, Moscow and the other pro Peking.
What is important to note is that between 1980 and the insurrection of 1988/89 the incidence of political strikes in the private sector were zero and the habit was formed of workers having access to their managements. They were able to resolve their issues by collective bargaining accepting that their futures depended on their employers also being viable.
Companies were anxious to have transparency in their management processes and the parent unions did not bring up issues which did not concern their members at the individual workplaces. By the 1990’s what I saw was that the membership in the EFC member companies was at around 40% and workers understood productivity issues and how they could enhance their earnings.
The current situation has seen the workers in the private sector also joining in the Hartal and earlier demonstrations. One cannot blame them as the issues are affecting them and their employment. What is important is that they see the plight of their employer also and help in whatever way they can to see that any demonstration does not make the position of the employer weaker as this would inevitably lead to a more chaotic situation.
I hope the unions who are active in fighting the political issue see the need to keep in mind what they have to do to sustain the businesses which employ their members. I am sure the Employers Federation would gather the Unions and have a dialogue of what needs to be done to maintain businesses which after all need their support as well, to rebuild our battered economy.
(The writer, who is an attorney-at-Law and former Director-General of the EFC which he long served as CEO has authored many books over the years on a range of topics covering law, conflict management, employee relations and CSR.)
Pelwatte Dairy conducts O/L Seminars as part of its CSR campaign
Pelwatte, a local dairy brand with international standards and an unwavering promise of delivering quality fresh milk to its customers recently organized a series of seminars for the GCE Ordinary Level students. This was done with the intention of furthering Pelwatte’s corporate philosophy of uplifting livelihoods through sustainable methods. The seminars commenced during the last week of March and concluded in the 1st week of April 2022.
The seminars focused on maths in particular as it was found that many students either struggled in maths or were highly doubtful about it. Pelwatte, being a responsible brand took initiative to help these students in this time of need. With Education being at a critical juncture and O/Ls being a critical stage in a student’s career, this program was initiated. The Managing Director of Pelwatte Mr. Akmal Wickramanayake said “Pelwatte is a brand that goes to every extent to ensure that our communities are treated well. This includes ensuring that the next generation is well versed in their education”.
He said this while commending his in-house experts, Mr Asela Sampath who is a mechanical engineer and Mr. Kavinda Umesh who is a chemical and processing engineer attached to the Pelwatte Engineering and Technical team. These two individuals led the seminar and took the students through not just the entire syllabus but also through several model papers. They made sure to answer and clarify any and all doubts that these students had before they wrapped up.
These series of seminars were conducted mainly in Buttala with the participation of schools such as Pelwatte Mahavidyalaya, Kukuranpola Vidyalaya, Dutugemunu Mahavidyalaya and Pelwatte Ranjan Wijeratna Vidyalaya. Students in the Hundreds attended these seminars which lasted for a day. Students from the respective schools got to learn from two qualified engineers who not only showed them how to solve mathematical problems but also gave them an idea about the type of career they can go into in the future to develop the engineering field in Sri Lanka.
Pelwatte received many blessings from both the students and their parents who were present for carrying out such programs. The current situation of the country is such that many corporates have either completely scrapped their community welfare programs or have limited it. However, Pelwatte aims to continue doing such activities to not only uplift communities but to also boost morale. Education is a very important focus area for Pelwatte as it has continuously done many activities to uplift education especially in rural areas that are in need of programs like this.
‘HNB continues to demonstrate resilience under stressed conditions’
In the backdrop of turbulent market conditions, Hatton National Bank PLC continued to demonstrate resilience, strength and stability, posting a profit before tax of Rs 5.9Bn and a profit after tax of Rs 4.8Bn for the first quarter of 2022 recording a YOY growth of 7% and 3% respectively. At Group level PBT and PAT were at Rs 6.4 Bn and Rs 5.4 Bn respectively.Commenting on the first quarter performance, Aruni Goonetilleke Chairperson of Hatton National Bank PLC, stated that “as Sri Lanka goes through unprecedented times, HNB has yet again demonstrated resilience. At this critical time, I wish to reiterate our commitment to all our stakeholders. As a responsible Domestic Systemically Important bank, ensuring safety, stability and sustainability is our prime focus.”
With the tightening of the monetary policy since August 2021, the AWPLR increased by nearly 400 bps over the 12 months up to March 2022. This enabled the Bank to record a 59% increase in NII during 1Q 2022 compared to the corresponding period of the previous year. The Net Fee income grew by 42% YoY to Rs 3.2 Bn for the first quarter of 2022, driven mainly by improved cards transactions and trade income.The significant devaluation of the rupee as at March 2022, compared to the previous year, resulted in trading gains of approximately Rs 7.5Bn in 1Q 2022. The Bank also, booked an impairment of Rs 7.4Bn against the impact of the currency devaluation on foreign currency denominated loans and investments, which was set-off against the position revaluations.
The Bank’s net stage III loan ratio improved from 2.55% as at December 2021 to 2.41% as at end March 2022 while stage III provision cover increased to 59%, maintaining its position as one of the best in the industry in asset quality. However, considering the significant volatility in macro-economic factors in 1Q 2022, the Bank recognized a higher impairment charge of Rs 13.4Bn. This included an impairment of Rs 6.7Bn on account of investments in foreign currency denominated government securities, subsequent to the announcement made by the Central Bank of Sri Lanka in relation to suspending the repayment of external foreign currency debt obligations of the Government and the sovereign rating downgrade.Operating expenses increased by 21% in 1Q 2022 driven by salary revisions, relatively higher card transaction volumes with the pickup of economic activity and general expenses increasing in line with higher inflation. However, the stronger growth in income, enabled HNB to record a cost to income of 25% during the first quarter of 2022.
HNB’s total tax charge increased by 33% to Rs 2.8Bn for the first quarter. The effective income tax rate increased from 31% in March 2021 to 37% in March 2022 due to the YoY reduction in interest income from foreign currency denominated government securities.Jonathan Alles, Managing Director / Chief Executive Officer of Hatton National Bank PLC stated that, “Sri Lanka has been travelling through a tough terrain over the past few years commencing from adverse weather conditions experienced in 2017-2018 to, unfortunate Easter Sunday attacks in 2019 and then the most unprecedented COVID-19 pandemic which impacted the entire globe. The banking sector of Sri Lanka and HNB has weathered these challenges and emerged strong and stable. Today, Sri Lanka as a nation is facing one of the most challenging times in its history. The next few months would be even more challenging. As such, it is extremely important that we play our part as responsible Sri Lankans at individual, organizational and country level. We believe that the authorities would take necessary steps to ensure political, social, economic and financial stability enabling successful conclusion of discussions with International Monetary Fund, the multilateral organizations and supporting nations to secure much needed funding.”
“It is equally important that we focus on the real economy and sustainable foreign exchange earning avenues that will support us over the medium to long term. Providing necessary support to drive exports, remittances, tourism, manufacturing and industrial development would be key. At the same time, diversifying foreign exchange earning sources would also be important. Focusing on Sri Lanka as an education hub, promoting agri-preneurs, IT, KPO, BPO industries would also be vital in this regard. We need to be cautious about our spending, and purchase local products to support our micro, small and medium enterprises, while at the Government, institutional and corporate level, adopt very tight cost containment measures and slash budgets.”
“As we encounter many obstacles in our day to day life, I would like to place on record my sincere gratitude to each and every member of the HNB team for their continuous commitment and dedication in delivering essential banking services to our valued customers.”(HNB)
SLIIT launches CODE with the country’s first free AI/ML online course
Ushering a new era of online learning, SLIIT unveiled its Centre for Open and Distance Education (CODE), a fully-fledged, independently developed online platform offering a range of self-paced courses. CODE aims to fill skill shortages in the industry by enabling youth to equip themselves with highly sought after skills.The Centre, established by the Industry Engagement Unit of the Faculty of Computing, SLIIT, held its virtual launch event recently under the patronage of Prof. Lalith Gamage, Vice-Chancellor, SLIIT, senior management, and staff from SLIIT with industry professionals and prospective students in attendance.
The inaugural course offered by CODE is ‘Artificial Intelligence/Machine Learning Engineer Stage 1’, which has been developed for anyone aspitring to become an AI/ML Engineer. The next two courses lined up are in Cyber Security and Cloud Computing. . The comprehensive courses, molded with hands-on exposure to cutting-edge technologies, will seek to maximize the employability potential of the youth.Prof. Chandimal Jayawardena, Dean, Faculty of Computing SLIIT, said, “SLIIT developed CODE as a free learning platform designed to offer courses and learning materials for those who wish to develop skills needed by the industry within a short time period. Courses offered by CODE are self-paced and will be equally relevant for school leavers, university students, as well as industry professionals. . The first course in CODE, the AI/ML Engineer stage 1 course can help anyone who wants to develop a career as an AI/ML engineer. This will be followed by two other courses covering stages 2 and 3. We are proud to launch this distance education platform as part of our mission to provide useful and relevant education to a wider audience, reaching beyond traditional university education. Being a platform open for free courses, CODE platform also illustrates SLIIT’s commitment to addressing and contributing to the needs of the society.”
The SLIIT AI Course, which is the first course to be offered to students via the CODE platform, consists of fundamental, intermediate, and expert levels, with the initial Stage 1 covering fundamentals relating to artificial intelligence and machine learning, with an understanding of how each area of expertise is used in the industry related to AI.The course has been designed with a practical and hands-on approach that will introduce the learner to the industry’s most innovative tools and technologies, including TensorFlow and PyTorch. Courses are designed to ensure an individual can gain exposure to programming basics since a certain knowledge of programming basics is required for the course.
Lessons related to the course will be introduced weekly and participants need to study the content, complete the assessment components such as available quizzes and achieve sufficient marks to complete the course and gain the certificate. Upon completing the course, participants will receive a ‘Certificate of Completion’ from SLIIT.CODE invites school leavers, non-IT graduates studying IT-related programmes and IT enthusiasts to enhance their skills and knowledge to enrol in the AI/ML Course. All courses are free of charge, and there is no restriction on the number of participants for each course.SLIIT believe the courses offered via the CODE platform will empower students to maximize their potential for employability while enhancing their capabilities of gaining foreign employment, engaging in remote work, or even working for reputed IT companies in Sri Lanka.
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