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Population
Sri Lanka has a population of approximately 22 million people (as of 2023). The population is ethnically and religiously diverse, with the Sinhalese making up around 75% of the population. Other significant groups include Tamils (about 15%) and Moors (around 9%). Sri Lanka is known for its ethnic and religious diversity, with Buddhism being the dominant religion.
Capital
The official capital of Sri Lanka is Sri Jayawardenepura Kotte, which primarily serves as the administrative capital. However, the economic and cultural hub is Colombo, the largest city and the center of commerce and trade.
Economic Strength
Sri Lanka’s economy is a mix of agriculture, industry, and services. Key exports include tea, textiles, apparel, and tourism. The country is one of the world’s largest tea producers. However, the civil war (1983–2009) and economic instability have significantly affected the country’s growth. In recent years, the government has focused on stabilizing the economy and attracting international investments.
Culture
Sri Lankan culture is heavily influenced by its Buddhist heritage and diverse ethnic makeup. Traditional dances, music, and festivals are integral to cultural life. The country celebrates various religious and cultural events, including the Vesak Festival (a major Buddhist celebration) and Thai Pongal (a Hindu harvest festival). Sinhala and Tamil are the official languages, while English is widely used for business.
Currency
The official currency of Sri Lanka is the Sri Lankan Rupee (LKR). The value of the rupee can fluctuate due to economic instability and currency crises, and one rupee is subdivided into 100 cents.
Health Insurance and Social Security System
Sri Lanka provides universal healthcare, with free services available through government hospitals and health centers. However, in rural areas, access can be limited. Private health insurance is common for well-paid employees and expatriates. The social security system includes the Employees’ Provident Fund (EPF), used for retirement, and the Employees’ Trust Fund (ETF). Employers and employees both contribute to these funds.
Employer Costs
Employers in Sri Lanka are required to contribute 12% of an employee’s gross salary to the EPF. Employees themselves contribute 8%. Additionally, employers must contribute 3% to the ETF. Employers may also bear additional costs for voluntary benefits like private health insurance or bonuses.
Salary and Bonuses
Salaries in Sri Lanka vary significantly by industry and qualification. The minimum wage is approximately 16,000 LKR per month (as of 2024). Year-end bonuses or a 13th-month salary are common in many sectors, though not legally required, depending on company policy.
Payslip
Salaries in Sri Lanka are typically paid monthly. Employers are required to issue payslips that detail basic salary, bonuses, deductions for taxes, and social security contributions (EPF and ETF), as well as any overtime or allowances.
Public Holidays
Sri Lanka observes a variety of public holidays, both religious and cultural in nature. Major holidays include:
- New Year (April 14)
- Vesak Festival (Buddhist festival in May)
- Poson Festival (Buddhist festival in June)
- Thai Pongal (Hindu harvest festival in January)
- Independence Day (February 4) Additionally, every month features a Poya Day (full moon day), which is a public holiday dedicated to Buddhist observances.
Working Hours
Standard working hours in Sri Lanka are typically 8 hours per day or 45 hours per week. Overtime is regulated by labor law and must be compensated at 1.5 times the normal hourly rate. Flexible work schedules or shift work are common in the service sector.
Leave
Employees are entitled to a minimum of 14 days of paid annual leave after one year of service. There is also maternity leave, typically 84 days long, and provisions for unpaid leave for emergencies or family matters.
Sick Leave
Employees are entitled to 7 days of paid sick leave per year, provided they present a medical certificate. While longer sick leave provisions are not standardized, some employees may receive additional benefits based on their employment contracts.
Termination/Severance
Termination in Sri Lanka is governed by strict rules. For permanent contracts, a one-month notice period is standard unless otherwise specified in the contract. In cases of redundancy, employees are entitled to severance pay, calculated based on the length of employment. This often amounts to one month’s salary per year of service, though this can vary depending on the circumstances and duration of employment.