Safety Net

A key component of the safety net is an unemployment insurance scheme for laid off workers.

rnThis would supplement the compensation given by the restructuring company.rnA compensation formula that has already been announced is to be given legal effect later in the year.

rnOfficials say the unemployment insurance may be funded by a one per cent contribution made by employers on the lines of the ETF contribution. Another point rise in EPF contribution is also being considered.

rnA new law governing the ETF and EPF is due in August.

rnLabour Minister Mahinda Samarasinghe says the fund would be properly targeted to those who deserve it.

rnMinister Samarasinghe was speaking at the Annual General Meeting of the Industrial Association of Sri Lanka.

rnThe other parts of the net is to set a job information network and training centers, which will allow laid off workers to get new jobs or re-training.

rnAn amendment to the factory ordinance will be presented in parliament on August 6th.

rnThis will reg