Unemployment insurance proposed for private sector workers

Budget 2023 yesterday proposed to set up an insurance fund to provide coverage for private sector employees who lose employment. 

“It is noted that the number of private sector employees, who lose their jobs due to various reasons, is on the increase. 

As this has become a very complex social issue with the current economic crisis, I propose to provide an insurance coverage to provide a monthly allowance for a maximum of three months, covering the period from the loss of employment and re-employment and to establish an insurance fund for this purpose,” President Ranil Wickremesinghe proposed, delivering the budget speech in Parliament yesterday.  He also proposed to provide private sector employees with a health insurance scheme similar to Agrahara enjoyed by the public sector employees. 

Wickremesinghe proposed to amend the Employees’ Trust Fund to incorporate these two schemes under the Employees’ Trust Fund.