Middle-income status may push private sector for pension schemes: Cabraal

28 November 2013 07:19 am - 0 - {{hitsCtrl.values.hits}}

A A A

Sri Lanka’s private sector may have to look at models for superannuation and pension schemes in order to cope with the changing macroeconomic fundamentals, as Sri Lanka moves towards the middle-income country status, according to Central Bank of Sri Lanka (CBSL) Governor Ajith Nivard Cabraal.

“It is now time for all companies to realize that they will have to move into superannuation schemes a lot more seriously than they have done in the past.

We are in an era in our country where you will see interest rates coming down as a result of inflation moderating. We are looking at macro conditions that will ensure that inflation will stay in single digits, so interest rates will be much lower than what we’re used to,” Cabraal stated.

Delivering an address at the recently held Best Corporate Citizen Awards, organised by the Ceylon Chamber of Commerce, Cabraal warned that the time of depositing funds in finance companies and banks alone would no longer be sufficient to maintain a viable pension fund for Sri Lanka’s retirees.

“In such a situation, we will now have to look very carefully at what our pension products and superannuation schemes are going to be because the time when you could just put money into finance companies and banks may not be as attractive as it once was in the past.

When looking at employee relations, companies should also reflect on the new trends that the economy is taking and prepare themselves for these new trends in Sri Lanka’s economy,” Cabraal cautioned.

He added that the Sri Lankan corporate sector must also extend a holistic approach in employee and customer relations, as part of the efforts towards becoming responsible corporate citizens.

“Companies must look at the inherent manner in which they deal with employees and customers. We brought a customer charter for the banks and many embraced it willingly and they embraced it as part of the transition to a new level of development and service.

Companies also must tell their employees, customers and the public what their benchmarks are. It’s always a good thing to talk about your values and make sure the employees abide by those values as well, while also being conscious of their responsibility to be sensitive to religious, ethnic and national practices,” Cabraal advised.

“Sri Lanka’s success in the economic field has largely been achieved without damaging the environment of our country. Today, we recognize companies for their contribution to the people, planet and profit. All three are equally important. All of you are in the field for profit but these are highly interconnected ideas. The more we realize this, the more we will respect the role of the three Ps,” he noted.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Middle-income status may push private sector for pension schemes: Cabraal

Comments - 0

Add comment

RECOMMENDED

‘Spike in blast fishing’ poses renewed threats to Sri Lanka’s marine ecosystems

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Most Viewed in News

Sri Lankan among NASA’s new crew for next simulated Mars journey

Street food vendor arrested for verbally harassing foreigner

Ranil Wickremesinghe caravan moves on despite barking dogs

SL on alert on possible genocide allegations by Canada

Racing event tragedy leaves seven dead including eight-year-old child

Complaint lodged over Piumi Hansamali's possession of Gota’s Range Rover

MIRROR CRICKET

Is Chamari Athapaththu Sri Lanka’s greatest cricketer ever?

Athapaththu back atop ICC Women’s ODI Batting Rankings

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

TODAY'S HEADLINES

Foreign powers intensify surveillance on Presidential elections as strategic interests take centre stage

New uterine loop for monkey birth control

Sajith avoids reception hosted for Iranian President

Do not be afraid to use weapons, Minister Alles tells police

SLAS appoints independent committee for investigation

Pakistan lose key players for last two T20Is against New Zealand

Sri Lanka secures third spot in South Asian Kurash Championship 2024

Athapaththu back atop ICC Women’s ODI Batting Rankings