Business
Winners and Losers of Sri Lanka’s Work from Home Policy
A new publication by the Institute of Policy Studies of Sri Lanka (IPS) has identified that a key barrier to remote work in Sri Lanka is the lack of relevant regulations and legislation governing the Work from Home (WFH) practice. Accordingly, the publication advocates legal reforms to facilitate WFH and improve labour market activities in the country amidst the ongoing economic crisis. The study notes that the Home Work Convention, 1996 adopted by the International Labour Organization (ILO) can be a springboard to reform domestic laws.
The latest IPS publication, ‘Winners and Losers of Sri Lanka’s Work from Home Policy’, is authored by Suresh Ranasinghe and Dr Nisha Arunatilake. The authors note, “The main legislations that provide a legal framework for work and remuneration such as the Shop and Office Act No. 19 of 1954 and the Wages Boards Ordinance No. 27 of 1941 do not facilitate WFH. Thus, it is vital to reform existing laws to facilitate WFH. The international standards included in the Home Work Convention, 1996 can be used to reform domestic laws to provide legal solutions to contemporary labour market problems.”
The authors also call for increased investment in Information and Communications (ICT) infrastructure, together with training and financial support for workers. Given the nature of employment, however, workers in some occupations will find it challenging to WFH and as such, exploring means of supporting these workers is worthwhile to restore economic activities. Alongside this, employees’ well-being and continued productivity must be ensured. Therefore, attention should be paid to employees’ working time, performance, digitalisation, communication, occupational safety and health, and work-life balance.
The IPS study finds that the feasibility to work remotely in Sri Lanka is generally balanced by age, but it is significantly unbalanced by gender, educational attainment, income level, occupation, firm size, sector, and geographical location. Experiences of many developing as well as developed countries imply that severe recession can have negative impacts on future earnings and job security. Given this, remote work can be used as a long-term policy tool to enhance the available employment opportunities and safeguard employment. Thus, it is essential to identify the potentials and pitfalls of the WFH policy to facilitate the development of the WFH practice within Sri Lanka’s unique labour market context.
According to the study, workers in the ICT, education, finance, and insurance sectors benefit the most. Generally, these occupations require less physical proximity and have a high reliance on digital tools and technologies. However, those in the agriculture and industrial sectors have low WFH feasibility, and notably, most employees are in occupations where the feasibility to work remotely is low. Those who are less educated and reside in the estate sector also have very low WFH feasibility. Not surprisingly, employees’ ability to WFH increases with the level of English literacy but slightly deteriorates with age. Similarly, the ability to WFH is high in the Western province of Sri Lanka while the Southern, Northern and Eastern provinces have low plausibility to WFH.
The study contends that WFH can be used as a policy tool to address problems relating to female employment. Many legal loopholes do not cover the major problems faced by female employees. Further, day-to-day travelling to the office and home is a burden and health concern faced by pregnant female workers. In this context, remote work can be used to facilitate pregnant female workers by including a WFH policy in the existing legislation. Additionally, when employers design flexible work arrangement facilities, support must be given to female employees with care responsibilities. Equally, to enable female employees to WFH, it is vital that employers continue to promote family-friendly policies to encourage men to share the responsibilities of household activities.
To purchase a copy of ‘Winners and Losers of Sri Lanka’s Work from Home Policy’, contact: Amesh Thennakoon, Publications Officer, IPS on 0773 737717 or amesh@ips.lk. For more information on IPS publications, visit: https://www.ips.lk/publications.
Sri Lanka Tourism with its continuous promotional efforts with clearly defined strategy and objectives, achieved the previous full year arrivals within the 1st nine months of this year. In 2023 the total arrivals were 1,487,303. During the month of September 2024, a total number of 112,140 tourist arrivals were recorded which showed a 9% growth compared to last year. The key source markets which contributed for this achievement were India, China, UK, Germany, Australia, Maldives, Russia, Bangladesh, Spain and France.
The success was achieved through many strategic initiatives. With the tourism industry at a cross roads, “Seen is believing” influencer campaign created a huge impact to take the reality to the globe. Under this initiative, Sri Lanka Tourism Promotion Bureau (SLTPB) hosted nearly 180 media influencers from all over the world to take the positive message and to showcase the truth which supported the industry to come back gradually to normalcy.
Some of the renowned travel influencers such as Luke Martin, (popular culinary vlogger) Nusier Yassin (also known as Nas Daily) and Ashish Vidyarthi(popular Bollywood actor) brought in an immediate connect with this beautiful island which is known for its great hospitality. The recommencement of all major airlines with increased frequency and seat capacity was an indication to the industry that there is a hope for revival.
With this positive vibe, the campaign “Check in …. Sri Lanka is ready” short term digital media campaign was launched. Facilitating stakeholder participation at key Travel & Tourism fairs and exhibitions along with B to B and B to C networking sessions, a positive message was taken to the prospective travelers globally. Some events participated are ITB Berlin, IFTM Paris, ATM Dubai, WTM UK, and SATTE India.
The global recognitions achieved during the year were around 17, including the Pekoe Trail in Sri Lanka being recognized as one of the best in the world by National Geographic, Sri Lanka being recognized by the Forbes magazine as the fourth most popular travel destination for 2024, and the most recent being ranked as one of the best countries to visit in your lifetime by the CEO World magazine. This is a testimony as to why someone’s choice should be “Sri Lanka” as their next holiday destination. Sri Lanka getting into some of the top travel indexes has made the destination a desired choice.
Building the destination brand positioning on three key pillars “Compact”, “Diverse” and “Authentic” will differentiate Sri Lanka from the other destinations and give the travelers compelling reasons to visit and revisit our beautiful island.
Sri Lanka Tourism
Business
Bourse’ s bullishness intensifies in the wake of IMF’s positive responses to SL’s tax proposals
By Hiran H.Senewiratne
The stock market was extremely bullish yesterday following IMF representatives’ positive response to Sri Lanka’s requests that the tax structure, including PAYE tax, be adjusted, stock market analyst said.
The IMF delegation was in Colombo to review implementation of IMF recommendations for Sri Lanka. Apart from that, a proposal for restructuring the sovereign bond issue also had a positive impact on the stock market, thus pushing the market to positive territory. Both indices moved upwards; the All Share Price Index crossed the 12000 mark for the first time since July 3, with the index gaining 123.30 points (1.04 percent) to close at 12,053.40.
Turnover stood at 2.83 billion with four crossings. Those crossings were reported in Sampath Bank, which crossed 11 million shares to the tune of Rs 884 million; its shares sold at Rs 80, HNB 360,000 shares crossed for Rs 77.4 million; its shares traded at Rs 115, Chevron Lubricants 339,000 shares crossed for Rs 42.2 million; its shares traded at Rs 125 and Commercial Bank 250,000 shares crossed to the tune of Rs 26.3 million; its shares fetched Rs 105.
In the retail market companies that mainly contributed to the turnover were; Sampath Bank Rs 316 million (3.9 million shares traded), HNB Rs 208 million (971,000 shares traded), Commercial Bank Rs 131 million (1.24 million shares traded), JKH Rs 123 million (653,000 shares traded), PickMe Rs 63.5 million (1.6 million shares traded), Hayleys Rs 54 million (545,000 shares traded). During the day 71.4 million share volumes changed hands in 12597 transactions.
It is said that among the numerous sectors, the banking sector performed well. The Sampath Bank crossing and retail trading contributed approximately 43 percent to the turnover, while the manufacturing sector contributed the second highest turnover to the market, mainly due to Chevron and JKH.
Yesterday the rupee was quoted at Rs 293.70/90 to the US dollar, up from Rs 294.00/50 to the US dollar a day earlier, while bond yields were steady, dealers said.
The UN Global Compact regional flagship event, ‘Forward Faster Now | Asia & Oceania’, held in Kuala Lumpur on August 5-6, 2024, marked a pivotal moment for sustainable business action across the region. Organized by the United Nations Global Compact in collaboration with 16 Global Compact Country Networks and Country Offices, the inaugural event brought together high-level executives, government leaders, and sustainability experts from across Asia and Oceania.
The landmark event aimed to accelerate sustainable business practices, build partnerships, and highlight impactful stories of corporate sustainability. It served as a platform for regional peer learning and exchange, focusing on key themes such as Sustainable Development Goals (SDGs) progress, business commitment to sustainability, and integrating sustainability into corporate operations.
Forward Faster Now | Asia & Oceania’ was more than just a gathering; it called participants to action. Leaders from various countries including Sri Lanka’s business community actively shaped the narrative.
The event marked a turning point for participating international and Sri Lanka corporate leaders, showcasing their influence far beyond national borders. Their unwavering commitment to the SDGs and sustainable development positions them as true champions of change. The event provided them with a platform to boldly demonstrate their leadership in shaping a sustainable future for the region.
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