The United States has supported Verité Research in producing its latest youth labor market assessment. The findings were presented to the public via a webinar titled, “Improving Youth Employment & Entrepreneurship in Sri Lanka: Insights & Strategies” on November 19. It was supported under the U.S. government’s development arm the United States Agency for International Development Agency (USAID)-funded youth skills development and entrepreneurship project, YouLead.
The assessment focused on developing innovative methods to improve employment and entrepreneurship among youth in Sri Lanka. Findings focused on overcoming challenges relating to youth unemployment and low female participation in the workforce and to promote entrepreneurship among youth.
USAID Mission Director Reed Aeschliman noted the importance of strengthening the entrepreneurial mindset that can lead to more gainful and self-employment of youth in Sri Lanka. He further emphasized the importance of increasing women’s participation in the economy and taking effective steps to create more economic opportunities for youth to foster sustainable and inclusive economic growth.
Executive Director Verité Research Dr. Nishan de Mel, who led the research team, noted that this study aimed to tap into the extensive body of research available to devise quick and practical solutions the private sector and other stakeholders can use to unlock employment and entrepreneurship opportunities for youth in Sri Lanka.
The report’s key recommendations are:
1. Moving youth to Own-Account Work (OAW) – The assessment recommends re-thinking the path to youth entrepreneurship by encouraging and supporting youth to become own-account workers before becoming fully-fledged businesses. Verité estimates that if Sri Lanka can successfully promote OAW among youth in Sri Lanka, through awareness building about OAW and supporting access to markets via the usage of digital platforms, the country may see the setup of 216,000 new micro and small businesses in the future. This can also eventually lead to the creation of almost 400,000 new jobs in the country.
2. A case for state supported maternity leave benefits – The assessment proposes Sri Lanka to shift towards a state-supported maternity leave program via tax concessions. That way it will reduce the discrimination that women aged 20-40 years face in the labor market stemming from mandatory employer-funded maternity entitlements. Verité estimates that this could cost as little as 0.25% of tax revenue (Rs 4.2 billion) annually, much less than other government welfare and employment programs. This can lead to increased economic participation by women, helping to inject more income to households, cushioning the impact of post-Covid job losses, and acting as an economic stimulus to the private sector.
3. Engaging disengaged young women: The assessment finds that disengagement from the labor market is a gender problem in Sri Lanka, with 89% of those disengaged being women. However, nearly one out of every three disengaged young women are interested in working and Verité Research proposes implementing Return-To-Work programs with flexible working options to target women who have left the workforce for family-related reasons but are now interested in returning to work. Verité Research estimates that it could lead to the addition of a potential workforce of 243,000 new workers for the Sri Lankan labor market.
Charles Conconi, Project Director YouLead, concluded the program by thanking the Verité Research team’s efforts and USAID for supporting this valuable research. He emphasized that Youlead is committed to engage in practical and evidence-based interventions to improve youth entrepreneurship and women’s employment in Sri Lanka.
The full research report can be accessed here:
LOLC Al-Falaah unveils pioneering Wadi’ah Gold-Storage Facility with multiple customer benefits
Sri Lanka’s most awarded and trusted Alternate Financial services brand, LOLC Al-Falaah recently unveiled their ground-breaking new product – the Wadi’ah Gold Loan Facility. This is the 1st time a Finance company in Sri Lanka is offering this facility. Al-Falaah Wadi’ah is a unique gold storage option offered to Al-Falaah’s valued customer base. All gold articles are tested for quality and authenticity using state-of-the art equipment by the company’s experienced staff without causing any damage to the jewellery. A unique ‘Gold Storage Certificate’ with the description of articles, including weight, quality and quantity along with the market value will be issued to the customer when obtaining this facility.
Speaking about the new product, Mr. Shiraz Refai, Deputy General Manager of LOLC Al-Falaah said, “Gold is a favourite investment option at all levels within the concentrated community. The metal is usually pawned, sold or exchanged when in need of cash. As the conventional Pawning options and Gold Loan offering has limitations to cater to the specific needs, as well as contradict with certain beliefs of the community, a concept acceptable and practiced in the industry is introduced by LOLC’s Alternate Financial Services Unit to its valued customer segment”.
Accordingly, a unique feature has been introduced to the Al-Falaah Wadi’ah Gold Storage facility offering the Customer the benefit of obtaining an interest-free maximum Cash-Advance in the industry at zero mark-up against the gold storage certificate value for any emergencies. In addition, for the convenience of the customers, the Gold storage facility period is extended from 3, 6 and 12 months without any requirement for a deposit and the custodial fees are comparatively competitive. The stored gold articles will also be offered a free Takaful cover with a reassurance of highest safety and security.
The Al-Falaah Wadi’ah gold storage facility will be initially available at selected branches including Wellawatta, Akkaraipattu, Kalmunai, Pottuvil, Grandpass, Maradana, Mawanella, Matara, Nawalapitiya and Negombo. Al-Falaah aims to make the facility available across all LOLC Finance branches and dedicated Al-Falaah centers island-wide by the end of the 1st quarter of 2021.
Commenting on the new Al-Falaah Wadi’ah Gold loan facility, Nishantha Jayasekera, Chief Manager, SME Unit & Head of Gold Loan Business of LOLC Finance said, “The main aim of this facility is to give financial-access to the grass-root level clients who do not have direct access to banking & finance, but require small cash advances to develop daily businesses and self-employment. Through this product and its value added features, we hope to cover all segments of the population”.
LANKATILES donates high-end ventilator to Colombo North Teaching Hospital
A Rs. 4.3 million ventilator has been donated to the Coronary Care Unit of the Colombo North Teaching Hospital, Ragama, by LANKATILES, the country’s leading tile manufacturer.
The machine was described as a high-end, world-class piece of equipment suitable for all patient groups.
Present at the official hand-over were Mr Mahendra Jayasekera, Managing Director of Lanka Walltiles PLC and Lanka Tiles PLC, Dr. S. P. A. Liyanage Ranaweera, Director of Colombo North Teaching Hospital, and Dr. Sanjeewa Rajapakse, Consultant Cardiologist of the hospital.
At a time when state-of-the-art equipment is urgently needed to contain the COVID-19 pandemic, LANKATILES reaffirmed its commitment to help frontline hospital staff in their efforts at reducing the spread of the virus and easing patient numbers.
The company said this was a commitment it is ready to stand by at all times in the interests of the country.
Sampath Bank hosts Central Bank’s ‘MatarataQR’ event to promote QR code use
Matara, April 3rd, 2021: Sampath Bank PLC recently hosted the Central Bank of Sri Lanka’s (CBSL) MatarataQR event, in a bid to drive awareness and increase acceptance and usage of LANKAQR, the common Quick Response (QR) code standard for the country that was introduced in 2020.
Encouraging consumers to adopt the use of QR codes in their day-to-day transactions, the event was held at the Sanath Jayasuriya Grounds in Matara under the patronage of the Chief Guest, Dullas Alahapperuma, Minister of Power and Guest of Honour, D. Kumaratunga, Director – Payments and Settlements, Central Bank of Sri Lanka; along with senior officials from the CBSL, other commercial banks and financial institutions. Sampath Bank was represented by Nanda Fernando – Managing Director; Tharaka Ranwala – Senior DGM – Operations / Group Chief Marketing Officer and Ajith Salgado – Group Chief Information Officer.
At the event, the Bank actively promoted its ‘WePay’ mobile wallet which helped attract more customers while also onboarding new merchants. A 25% cash back was on offer for payments at over 200 merchants in Matara on the day, made via the LANKAQR enabled WePay digital mobile payment app.
“We are very proud to partner with the Central Bank to host this event that will highlight the safety, convenience and speed of getting onboard the LANKAQR payment standard to the people of Matara. These benefits, coupled with the advanced digital banking solutions offered by Sampath Bank, make it a simple choice to migrate to digital payment technology and we warmly invite the merchants in Matara to come experience the benefits of adopting this new method of payments,” said Nanda Fernando, Managing Director, Sampath Bank PLC.
Sampath Bank is a 100% local bank that has deeply rooted itself in the lives of the people of Sri Lanka. Established in 1987, the bank has become a state-of-the-art financial institution that continues to be a market leader today thanks to its constant innovation and customer focused approach to business. It has introduced many firsts to the Sri Lankan banking sector including introducing ATMs to Sri Lanka, extended banking hours and slip-less banking to name a few. The Bank is steadily transforming itself into a ‘tech company engaged in banking,’ from the traditional approach of a bank engaged in technology.
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