Business

More than 80% of vaccinated apparel sector workforce heads back to work

Published

5 years ago

2021/08/23

JAAF reassures workers about safety and protective working conditions

The Joint Apparel Association Forum (JAAF) has reassured workers about safety and protective working conditions in their factories, and more than 80% of their workforce – the vaccinated members of the personnel – have returned to work, a press statement issued by JAAF said, yesterday.

The government has taken into consideration the measures implemented by the industry in mitigating the risk of transmission of Covid-19 including the Delta variant.

Following are some excerpts from JAAF’s press statement.

“The concerns being expressed about worker safety in the apparel industry are understandable and are shared by The Joint Apparel Association Forum (JAAF) and its membership. The entire apparel industry is doing everything in its power to address these concerns by working in close consultation with the Ministry of Health (MOH) and other public authorities, in order to ensure that all possible measures are in place to ensure the health and safety of employees.”

“With the support of Minister Namal Rajapaksa, assistance by public health authorities and the Sri Lankan Army, 90% of workers have received their first dose of the COVID-19 vaccine, and over 50% have received their second dose. Specifically in the BOI-operated facilities – which accounts for approximately 90% of the total workforce – more than 70% of employees have received their second dose. In the coming weeks, the entire apparel industry workforce will be completely vaccinated.”

“Workers are screened for any symptoms before they are allowed to enter factory premises. Factories ensure social distancing and have dedicated areas for people to eat, toilet facilities etc. Several plants also offer additional measures such as steam inhalations, sanitization stations, herbal and other healthy hot drinks etc. “Anyone with any visible symptoms is moved to a medical facility immediately for more in-depth testing. Temperature checks are also conducted randomly and frequently during the day on shop floors, and appropriate action is taken if necessary.”

“Plants adhere to the testing protocols issued by the Ministry of Health, which includes random testing and daily reporting to the MOH of these results. These are also discussed and shared with the local health authorities through an online mechanism that has been set up. Further, local health authorities are in close contact with plants to help ensure that the workplace is as safe as practically possible.”

“The industry has supported the establishment of 11 Intermediate Care Centres with close to 4,500 beds available for employees. Another two centres are under construction, which will bring the number of beds to 5,000. Individual factories are adding to this infrastructure.”

“The importance of the sector to its economy as a provider of jobs, a source of investment and as an export-earner is well-accepted. During this pandemic, the industry’s economic responsibility gains additional importance. Workers have responded magnificently in response to the protective measures that companies have taken. Hence more than 80% of the workforce – the vaccinated group – has returned to work.”

“We appreciate their determination and commitment to putting the economy back on its feet at this difficult time. For our part, we will do everything in our power to ensure they stay safe and protected, by pandemic-proofing workspaces, making sure they are all vaccinated completely and that the protective measures and healthcare infrastructure is available to them and their families” said Secretary General of JAAF, Tuli Cooray, in the press statement.

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Business

Embedding human rights, equity and integrity into business leadership

Published

17 hours ago

2026/03/5

Sahan Weerasooriya

Rathika de Silva, Executive Director

At its 2026 Social Sustainability Programme Kick-Off, the UN Global Compact Network Sri Lanka convened business leaders to advance the translation of global ambition into practical corporate action on inclusion, integrity and human rights.

On 24 February 2026, the UN Global Compact Network Sri Lanka (Network Sri Lanka) convened business leaders at Barefoot Garden Café for its 2026 Social Sustainability Programme Kick-Off, delivered in collaboration with Good Life X.

The gathering did more than introduce a calendar of events. It positioned Sri Lanka’s corporate community within the broader direction of the UN Global Compact’s 2026–2030 global strategy — a strategy anchored in three imperatives: equipping companies to act, catalyzing collective action, and advancing the business case for responsible leadership.

At its core, the 2026 Social Sustainability agenda is designed to move companies from commitment to capability.

Within the Diversity & Inclusion Working Group, this means building practical pathways toward equal pay for equal work and strengthening male allyship as a governance issue rather than a cultural afterthought. It means examining sexual and reproductive health, disability inclusion, and mental health not as employee benefits, but as structural determinants of productivity and retention. It means sharpening strategic communications so inclusion is embedded in brand integrity. It also means applying science-based behavioural change approaches to shift organizational culture in measurable ways.

Across the Business & Human Rights Working Group, equipping companies takes the form of deepened engagement on decent work and living wage implementation, strengthening human rights due diligence processes, and addressing emerging risk areas such as AI and digital rights. It extends to reinforcing business integrity and anti-corruption frameworks, understanding the social dimensions of a just transition, and recognizing the link between child rights, nutrition, and workforce productivity.

Business

Union Bank to raise LKR 3 Bn via Basel III Compliant Debenture Issue

Published

17 hours ago

2026/03/5

Sahan Weerasooriya

Shanka Abeywardene

Union Bank of Colombo PLC announced its proposed Debenture Issue 2026, a strategic move aimed at raising up to LKR 3 billion. This issue is designed to bolster the Bank’s Tier II capital base and provide a robust financial foundation for its upcoming growth initiatives.

The offering consists of Basel III compliant, listed, rated, unsecured, subordinated, redeemable high-yield debentures with Non-Viability Conversion. The instrument has been assigned a rating of BB (lka) by Fitch Ratings (Lanka) Ltd, reflecting the bank’s creditworthiness and the structured nature of the subordinated debt.

Investors can choose from three distinct interest structures starting from a high-yield 13% fixed rate per annum (Type A). This option is paid annually, while Type B offers a 12.5% fixed rate paid semi-annually (12.89% AER). For those seeking market-linked returns, Type C provides a floating rate of the 182-days Treasury Bill rate plus a 400-basis point margin, also paid semi-annually.

The debentures are priced at LKR 100 per unit with a 5-year tenure (2026–2031). The initial issue size is set at 20,000,000 debentures with an option to raise 10,000,000 at the discretion of the Bank and is scheduled to open on 10 March 2026.

Shanka Abeywardene, Chief Financial Officer of Union Bank stated “This debenture issue marks a significant step in the Bank’s journey towards enhanced financial stability. By strengthening its capital adequacy, Union Bank is well-positioned to navigate evolving market conditions while fuelling its long-term strategic objectives for sustainable growth”

Business

Sanjay Kulatunga appointed to WindForce Board

Published

17 hours ago

2026/03/5

Sahan Weerasooriya

Sanjay Kulatunga

WindForce PLC announced the appointment of Sanjay Kulatunga as an Independent, Non-Executive Director to its Board with effect from 03rd March 2026, following the resignation of Dilshan Hettiaratchi. The appointment further strengthens the Company’s governance framework, strategic oversight, and long-term decision-making capabilities.

Kulatunga brings an established track record as a founder, entrepreneur, and senior executive across financial services and export-oriented industries. He is the Chief Executive Officer and Co-Founder of LYNEAR Wealth Management, a boutique investment firm established in 2013, which has since grown to become one of Sri Lanka’s largest private wealth management institutions, serving high-net-worth individuals as well as local and international institutional clients.

Prior to founding LYNEAR, Kulatunga played a pivotal role in the establishment of Amba Research, an investment research offshoring firm rooted in Sri Lanka and now operating as part of Acuity Analytics.

Over the years, he has contributed extensively to several key national institutions. His previous appointments include serving on the Financial Sector Stability Consultative Committee of the Central Bank of Sri Lanka, as well as the Board of Investment of Sri Lanka and the Securities and Exchange Commission of Sri Lanka.