Sri Lanka is known for its cinnamon and tea exportation around the globe. The country has been progressing its economic growth over the past years and has a GDP of 83.32 billion USD.
Colombo, Sri Jayawardenepura Kotte
Computer Technology, Machine Operation; English Language Skills
The social security benefits in Sri Lanka consist of:
The contributions from both employee and employer in each of the funds are given below:
Employers and employee also contribute to the following taxes:
The statutory benefits of Sri Lanka are as follows:
In order to take advantage of this opportunity, employees must be at least 55 years old. A one-time payment will be made into an investment account on your behalf with the interest that funds generate as protection for you during retirement.
The company provides a retirement benefit to its employees in the form of 3% monthly salary deductions for their contributions. This not only stimulates economic democracy but also promotes employee ownership and welfare through participation within financing opportunities as well.
To ensure that employees can live in retirement without depending on state or society, this fund offers them a guaranteed 12% contribution from their employers and 8%. The employee must also contribute at least 4 monthly gross earnings for 40 years before receiving any payment back.
The duration of 84 days (12 weeks) is the amount of time that mothers are entitled to take off from work before their due date. This includes both pre- confinement and post natal leave, but does not include weekends or holidays which can be used as sick days instead if needed.
Fringe benefits are the additional benefits provided to an employee, though it depends on the employers based on mutual agreements. Fringe Benefits in Sri Lanka are mentioned below:
The exempt benefits in Sri Lanka include:
Either a prior written consent of the employee or the prior written approval of the Commissioner of Labor is required to terminate the services of an employee.
In the case of closure of establishment or removal of employees due to winding up of sections or retrenchment, employers should apply for the approval of the Labor Commissioner.
Employees under the probationary period will be given up to 2 weeks of notice period. On the other hand, employees outside the probationary period will have a notice period based on their contract.
The severance pay depends on the years of service provided by the individual:
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