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Migrant workers to be given a pension

Nation, Sri Lanka, 12 November 2021 - CBSL to introduce package for migrant workers. Package to include insurance, low-interest loans. The Central Bank of Sri Lanka (CBSL) along with the Government is set to introduce an incentive package for migrant workers which includes pension.

Issuing a press release, the CBSL stated that with the contribution of the Ministry of Labour, State Ministry of Foreign Employment Promotion and Market Diversification, the Sri Lanka Bureau of Foreign Employment, as well as the banking sector of the country, the aforesaid incentive package has been put forth.

This incentive package for migrant workers is anticipated to include pension or superannuation benefits, accident or life insurance benefits, banking facilities including low-interest loans for housing, and/or self-employment on return to Sri Lanka along with enhanced duty-free concessions.

However, the statement emphasised that only migrant workers who remit their earnings to Sri Lanka through the formal banking system or any other formal money transfer system would be eligible to receive this package of incentives.

Thus, migrant workers are requested to make the remittances via a formal banking channel to a designated bank account on the island so as to ensure the value of foreign exchange that is remitted to the country could be tracked without hassle and to ensure the eligibility for the said incentive package.



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