ECONOMYNEXT – Sri Lanka’s large tea farms say workers who have opted to use a small-holder based model linked to tea prices and plucked leaf are earning more money which is automatically linked to global prices and inflation.
The current model is based on a daily wage where workers are under a supervisor on set hours of working which the plantation claim to be a ‘colonial’ era relic. But under the smallholder model which has emerged, workers have flexi hours and are paid on the volume plucked. Knife Set
Senaka Alawattegama, Chairman of the Planters Association representing manager of commercial tea farms say already about 20 percent of the workers have opted for the model and are earning around 50,000 to 60,000 rupees a month with some going to around 80,000 rupees.
Tea plantations are paying more per kilogram than smallholders he said.
“In addition, we pay EPF and ETF,” said.
When the price per kilogram is linked to the auction price, workers get an inflation or dollar linked wage as well as output.
Workers have started to move to the inflation and production linked model on their own, he said. Each worker is assigned a plot to work on.
More than 20 of the output now come from workers in the new model, he said.
“If workers are paid based on how much they pluck and how much that harvest receives at auction then their compensation would be dynamically adjusted,” according to the Planters’ Association.
“Had we implemented such a system – in line with what RPCs had proposed even during the last wage negotiations, there would have been no need for the State to intervene in wage setting.
“Instead, wages would be linked directly to the price and quantity of tea sold at auction.”
Roshan Rajadurai ex-Chairman of the Planters’ Association says young persons who have worked in cities and come back after getting married are opting for the new model.
One attraction is there is no supervisor (kankani) and they can work independently managing housework and children. The estate continues to provide childcare.
When working in a ‘gang’ more skilled workers under peer pressure not to pluck more than their seniors and also cannot finish up their work and go home early, as those on the new model are doing, Rajadurai said.
The PA claims that in the small holder sector a worker usually plucks about 30 kilograms a day. In India it is 40 kilograms.
Under the smallholder model a person plucking 18 kilogram could get 50,000 to 60,000 rupees, according to the Planters. But workers typically pluck 20 to 30 kilograms.
The most skilled workers can pluck 35 kilograms. (Colombo/Feb02/2023)
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ECONOMYNEXT- A United States-based website has ranked Sri Lanka in the top 10 places of the most Instagrammable places in the world ahead of Australia, Maldives, and Singapore
Sri Lanka has been ranked 9th place among 50 other countries on the basis of social media popularity, global travel site Big Travel 7 said in a post.
Milan in Italy was the top most Instagrammable place followed by London in the United Kingdom and Paris in France.
Sri Lanka earned over 13 million hashtags in the Instagram platform and 16.4 billion views in the biggest social media platform Tiktok.
“This small island nation may not be as well-known as some of the other destinations on our list, but it’s definitely worth a visit,” Big Travel 7 said on its website.
“With over 13 million Instagram hashtags and 16.4 billion TikTok views, Sri Lanka offers a unique blend of cultural, natural, and historical attractions, from the ancient rock fortress of Sigiriya to the stunning beaches of the south coast.”
“Perhaps you could be the first of your friends to visit this gorgeous destination and start a trend?”
In 2022, the same travel site ranked Sri Lanka 32nd in the most Instagrammable place among 50 other countries worldwide.
Tourist arrivals in Sri Lanka recorded a 10-month high last month with 102,545 foreign visitors coming to the island nation. (Colombo/Feb02/2023)
ECONOMYNEXT – Sri Lanka’s shares rose on Thursday to its highest close in more than three-and-a-half month as news on Paris Club members willingness for financial assurance boost sentiment, stockbrokers said.
The assurance could help the island nation to obtain $2.9 billion International Monetary Fund (IMF) loan sooner than expected, they said.
All Share Price Index (ASPI) edged up by 0.81 percent or 72.37 points to 9,022.38.
“The current economic environment is pushing the index up, especially the banking counters,” an analyst said.
Financial stocks including banks and insurances have seen some rise due to the latest financial assurance news, the analyst said.
The Paris Club is ready to provide financing assurances to Sri Lanka’s IMF 2.9 billion dollar loan, a foreign media report stated.
The central bank has said it could cut interest rates in future when the the country sees fall in inflation, which has already started decelerating.
Sri Lanka has been witnessing a period of disinflation which is considered to a be a positive macroeconomic factor for investors, the analyst said.
The market saw a turnover of 1.8 billion rupees today, in line with this year’s daily average, but less than 2022 average turnover of 2.9 billion rupees.
The most liquid index S&P SL20 edged up by 0.47 percent or 13.22 points to 2,812.75.
The earnings for first quarter are expected to be negative for many corporates with higher taxes and rising costs. However, investors had not expected earnings to be low in the December quarter because of year end pick ups on heavy counters, the analyst said.
Earnings in the second quarter of 2023 are expected to be more positive with the anticipation of IMF loan and possible reduction in the market interest rates as the tax revenue has started to generate funds.
The central bank said the IMF deal is likely in the first quarter or in the first month of the second quarter.
The bourse saw a net foreign inflow (NFI) of 47 million rupees extending the net offshore buying to 660 million rupees so far this year.
Top gainers of the day were John Keells Holdings, Commercial Bank and Sampath Bank. (Colombo/Jan02/2023)
ECONOMYNEXT – Sri Lanka has seen a remarkable growth in the online trading of goods and services which is popularly known as e-commerce, but lack of knowledge and mistrust over digital payment methods have been the key barriers, a report done in the island nation has found.
The report, based on a survey of a sample population of 4,670 between March and July 2022, showed provinces close to and further away from capital Colombo and the Western Province are not lagging behind in terms of e-commerce adoption.
“There is growing awareness of the wide range of goods and services available for online purchasing, along with interest in diversifying into new e-purchases,” the main findings of the report said.
The report is the result of a partnership between Daraz Sri Lanka and the Sri Lanka Association for Software Services Companies (SLASSCOM) with an aim to bridge crucial data gaps in the e-commerce industry, while also pointing to essential policy needs.
The survey was conducted by NielsenIQ Sri Lanka.
“E-commerce use is positively linked to education and household income,” the survey finding said.
“Middle-income households educated to at least secondary school levels (with knowledge and some financial means) tend to purchase more online than lower-income households with limited education.”
“Payment for online purchases is largely cash-on-delivery due to mistrust and a lack of education around e-commerce and digital payment methods. This outcome fits with the country’s early development stage of the e-commerce sector.”
The survey also found that many e-commerce users are discouraged from shopping online because of a lack of requisite knowledge and skills to do so, worries about the quality of online purchases and poor customer experiences after placing orders.”
The online selling of goods and services has increased since the COVID-19 pandemic and the increase is linked to low start-up costs and the need to diversify livelihoods, it said.
“Over 89% of e-commerce users indicate that a coherent and predictable policy framework can support the growth of the country’s e-commerce industry.”
“Important actions include raising awareness of the benefits of e-commerce, training on how to buy and sell goods and services online, better cyber and online security and reforms for trade and tax regimes that take the e-commerce industry and its export potential into account.” (Colombo/Feb02/2023)
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