Education and Skills

Schooling is compulsory for children from 5 to 13 years of age. Education is state funded and offered free of charge at all levels, including the university level. The government also provides free textbooks to schoolchildren.

Literacy rates and educational attainment levels rose steadily after Sri Lanka became an independent nation in 1948. The government gave high priority to improving the national education system and access to education. The adult literacy rate now stands at 93 percent. The language of instruction is either Sinhala or Tamil. English is taught as a second language. We have the highest literacy rate in South Asia (93%) and approximately 50% of the students who have completed their higher education are trained in technical and business disciplines.

Employees

The Sri Lankan work force accounts for 35% of the total population. English is widely spoken in the country and is the main language used by the business community. As a result of extensive investment in education & welfare programmes by successive governments, any foreign Investor will find our work force highly skilled, energetic & intelligent, adaptable and trainable.

Foreigners can be employed in Sri Lanka but only with the approval of the Govt. Authorities. Usually such approvals are given for companies formed with the approval of the Board of Investment of Sri Lanka.
Offices working hours are from Monday to Friday and Factories work on Saturdays as well. Every employer is required to contribute to the following Funds

1. Employees’ Provident Fund

The Employees’ Provident Fund was established in terms of Act No 15 of 1958 with the objective of providing superannuation benefits to employees of the private sector, government authorities and corporations. It is a mandatory contributory retirement benefit scheme. Contributions are due from employer at the minimum rate of 12% and the employee has to contribute at 8% minimum on the gross earnings. The Central Bank of Sri Lanka manages the fund and it represents the main largest fund in terms of the Government asset portfolio. Employees are guaranteed their lump sum balance at the retirement age with interest lying to their credit.

2. Employees’ Trust Fund

Under the Employees’ Trust Fund Act, every employer has to contribute at the rate of 3% of each employee’s monthly earnings, to the Fund managed by the Commissioner of Labour. Employees are eligible to withdraw their balances at the termination of employment with their interest in the accounts.