SL firms assist staff to endure economic crisis
With the cost of living hitting the roof and rising rapidly, Sri Lanka companies are helping their staff to weather the crisis by launching different initiatives.
Krishan Balendra, Chairman John Keells Holdings PLC (JKH) and Chairman Employer’s Federation of Ceylon (EFC) told the Business Times on Wednesday that employers have taken various initiatives such as one-off payments, higher than normal salary increases, and extra allowances for staff to help them cope with the current economic crisis.
He added that JKH too has assisted employees with similar initiatives. “This is an unprecedented situation and staff needs help,” he added.
Parakrama Dissanayake, Deputy Chairman Aitken Spence PLC told the Business Times on Thursday that the incentives and bonuses given to employees at Aitken Spence have and will be increased. “Organisations cannot chase inflation but we also cannot ignore the livelihood of our human talent. At every stage we capture the interest of the human force which is paramount,” he added. Vish Govindasamy, Chairman Sunshine Holdings PLC said his company is carrying out several welfare-related initiatives on the staff’s behalf. “Due to the ongoing issue, our employees need help.”
Headline inflation has hit over 50 per cent while food inflation surged to over 80 per cent in June, latest data showed.
Some firms are contemplating an extra payment to the employees if the companies themselves withstand the economic onslaught within the next couple of months.
Mahendra Jayasekera, Managing Director Lanka Tiles PLC pointed out that staff was given more than the salary increases at the Lanka Tiles group. “The salary increases alone may not be sustainable. We will be looking at how the company performs in the next three months and if we can afford it, an ex-gratia payment will be made to the staff to compensate for fuel payments, transportation etc.”
Economic analysts said the current macro-economic crisis in the country has affected the lower and upper middle classes which will instigate a wave of debilitating blows to the already battered economy.
“The economic crisis (in Sri Lanka) will push families into hunger and poverty – some for the first time – adding to the half a million people who the World Bank estimates have fallen below the poverty line because of the pandemic,” the World Food Programme said in a recent statement.
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