Sri Lanka to introduce an incentive package for migrant workers, which includes pension/superannuation benefits, accident/life insurance benefits, banking facilities including low-interest loans for housing and/or self-employment on return to Sri Lanka, and enhanced duty-free concessions.
The Central Bank said they are currently working in collaboration in this regard, with the Ministry of Labour, State Ministry of Foreign Employment Promotion and Market Diversification and Sri Lanka Bureau of Foreign Employment, the banking sector and several other stakeholders.
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This package of benefits, however, would be made available only to those who remit their earnings to Sri Lanka through the formal banking system or any other formal money transfer system routed through banking channel, and the incentives are expected to be linked to the amount of foreign exchange so remitted to Sri Lanka.
Operational details of the proposed incentive package are to be informed to the public in due course, the Central Bank said.
Remittances by Sri Lankans employed abroad have been an important flow of foreign exchange into the country, with an annual average value of over US dollars 7 billion in the past five years.