Business

Sri Lanka’s business leaders convene for High Level Roundtable on Living Wage

Published

8 months ago

2025/09/30

Dignitaries at the Living Wage forum.

Sri Lanka took a significant step forward in advancing the conversation on responsible business practices with the convening of the High-Level Roundtable on Living Wage, held on 24 September 2025 at Galle Face Hotel, Colombo.

Organized by the UN Global Compact Network Sri Lanka (Network Sri Lanka) in collaboration with the International Labour Organization (ILO Sri Lanka), the event was hosted as A. Baur & Co.’s Nationally Significant Event in its role as Patron of the Business & Human Rights Working Group of Network Sri Lanka.

Taking place against the backdrop of the ILO’s High-Level Regional Dialogue on Shaping the Living Wage Agenda in Asia and the Pacific in Colombo, the roundtable brought together C-Suite executives and senior business leaders from across Sri Lanka for a closed-door dialogue on the future of Living Wage in the corporate landscape. The session created a space to exchange ideas, reflections, and perspectives on one of the most pressing challenges for sustainable business and social equity.

A Global-Local Dialogue

The keynote address was delivered by Luis Rodrigo Morales-Velez, Director of Policy – Industrial Relations & ILO Coordination, International Organisation of Employers (IOE), who spotlighted the global significance of operationalizing living wage frameworks while highlighting the critical role of the private sector in advancing fair and equitable work conditions, while stressing that this effort must go hand in hand with government responsibility to provide an enabling environment through sound labour market policies, effective regulation, and support for enterprise development. His remarks set the tone for the discussions that followed, bridging global labour standards with the Sri Lankan corporate context.

The roundtable was also joined by ILO specialists Anoop Satpathy, Wage Specialist, Nicolas Maitre, Economist and Ravi Peiris, Senior Employer Specialist who presented key elements of the ILO conclusions on Wage Policies including living wages and contributed to the discussion relating to its advancement of living wages in the context of Sri Lanka. It was mentioned that there is no ‘one size fits all’ approach in aspiring towards this objective. Sri Lanka can take note of their current practices in collective bargaining and wage and benefit fixation and move towards promoting ‘living incomes’ which will also include wages along with other benefits that support workers’ living standards.

The roundtable was further framed within the context of the ILO’s regional deliberations on decent work and labour standards, spotlighting the global importance of fair and equitable wage practices. At the same time, it was designed to capture the Sri Lankan perspective, reflecting on the country’s evolving economic conditions, workforce realities, and the growing recognition that the private sector has a pivotal role to play in creating a more just and inclusive economy. For Network Sri Lanka, convening this dialogue marked a milestone in advancing the Ten Principles of the UN Global Compact, particularly those related to human rights, labour, and equality. It also aligned with the UN Global Compact’s Forward Faster initiative, which calls on businesses worldwide to accelerate progress toward the Sustainable Development Goals (SDGs) by 2030, including ensuring that all employees earn a living wage.

The Significance of Living Wage

A living wage goes beyond statutory minimum requirements, ensuring that workers and their families can afford a decent standard of living. This includes access to housing, food, healthcare, education, and the ability to participate meaningfully in society. With rising costs of living and increasing demands on workers across industries, the Living Wage conversation has become a central pillar of global sustainability and human rights frameworks.

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Business

Commercial Bank extends its operations to Port City Colombo

Published

5 mins ago

2026/06/8

Thilina Walpola

The Commercial Bank branch at Port City Colombo.

Commercial Bank of Ceylon PLC’s new branch in Port City Colombo is poised to bring world-class banking services to Sri Lanka’s emerging international financial hub.

Located at Building 04 in Area 02 of the Port City Business Centre – Commercial Hub, Commercial Bank’s Port City Colombo branch will function as a fully-fledged banking operation, strengthening the Bank’s presence in one of Sri Lanka’s most strategically significant emerging economic zones. Designed to serve the evolving financial requirements of corporates, investors, businesses, professionals and retail customers within the Port City Colombo ecosystem, the branch offers access to Commercial Bank’s comprehensive portfolio of financial solutions. These include current and savings accounts, fixed deposits, personal and business lending, housing and leasing facilities, credit and debit card services, inward and outward remittances, foreign currency accounts and transactions, trade finance solutions, import and export services, corporate banking, treasury and foreign exchange services, cash management solutions and digital banking facilities.

By combining full-service branch banking with digital capabilities and uninterrupted self-service access, the new branch reflects Commercial Bank’s commitment to delivering future-ready, accessible and internationally aligned financial services in support of Port City Colombo’s growth as a dynamic hub for commerce, investment and innovation.

Business

Credit card interest rates to increase from July 1

Published

5 mins ago

2026/06/8

Thilina Walpola

Following the recent decision by the Monetary Policy Board of the Central Bank of Sri Lanka to raise the Overnight Policy Rate by 100 basis points, a corresponding increase in market interest rates has been reported.

In line with this shift, several banks have already taken steps to increase the interest rates charged on credit cards. Banks have begun notifying their customers that the annual interest rate for credit cards will rise from the current 26% to 28%, effective from July 1st.

This rate hike comes at a time when credit card usage is on the rise. According to the Central Bank of Sri Lanka, the total number of active credit cards in the country stood at 2,166,186 at the end of 2025. By the end of the first quarter of 2026, this number had grown to 2,215,853 cards.

The latest data also highlights a significant increase in consumer debt. The total outstanding balance on credit cards was Rs. 189,706 million as of December 31, 2025. By March 31, 2026, this figure had climbed to Rs. 194,105 million, reflecting a growing reliance on credit despite the looming interest rate adjustments.

Business

Hayleys Mobility launches JAECOO J5 HEV, expanding Sri Lanka’s premium Hybrid SUV segment

Published

5 mins ago

2026/06/8

Thilina Walpola

From left to right) Sujith De Alwis – Executive Director / Chief Executive Officer, Hayleys Fentons Limited, Hasith Prematillake – Managing Director, Hayleys Fentons Limited, Rajieve Fernando – Chief Executive Officer, Hayleys Mobility Limited and Roshani Dharmaratne – Executive Director, Hayleys Mobility Limited; with the newly unveiled JAECOO J5 HEV.

Hayleys Mobility Limited, the mobility arm of Hayleys Fentons Limited, has introduced the all-new JAECOO J5 HEV to Sri Lanka, strengthening its presence in the country’s growing new-energy vehicle market. Designed for modern drivers, this hybrid SUV blends intelligent performance, advanced safety, and premium comfort for both city driving and long-distance travel.

The JAECOO J5 HEV is powered by a 1.5L Turbo GDI engine paired with an electric motor and Dedicated Hybrid Transmission (DHT), delivering a combined 221 hp and 295 Nm of torque. It accelerates from 0–100 km/h in 7.9 seconds and achieves fuel efficiency of 18.9 km per liter, with a total driving range exceeding 950 km on a full tank—reducing both fuel stops and operating costs.

The vehicle features a bold exterior with a sharp LED lighting signature, while the interior offers a refined cabin with intuitive technology and modern connectivity. A comprehensive suite of advanced safety and intelligent driving technologies enhances driver confidence.

Company leaders emphasized Hayleys’ commitment to future-oriented mobility. The J5 HEV is backed by a 7-year vehicle warranty, an 8-year battery warranty, and the trusted after-sales network of Hayleys Mobility.

Priced at LKR 19.9 million, the JAECOO J5 HEV is available at Hayleys showrooms, including the OMODA & JAECOO flagship store in Colombo. An introductory discount of LKR 1 million is being offered to the first 100 customers, making next-generation hybrid mobility more accessible.