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28 CERTIFIED MANAGEMENT ACCOUNTANT

Do you think that we have a relatively high underemployment, and
stable economic atmosphere a high proportion of employment in
where we can provide jobs and “ elementary occupations. It is estimated
opportunities for highly skilled Sri Lanka operates in around 1.5 million Sri Lankans are
persons? a tight labor market, in employment overseas, mostly as
characterized by low unskilled workers. So, it is imperative
As Sri Lanka is slowly moving from for the government to train the workers
a manual economy to a technology- unemployment, relatively and develop their skills in order to
driven economy, an absence of high underemployment, match available opportunities both
technologically skilled individuals and a high proportion here and overseas - more so in Sri Lanka
could act as a hindrance to the country’s of employment in than overseas. The challenge for our
ability to attract investments. Also, if policy makers is to develop programs
people are laid off due to lack of skills or elementary occupations. to impart skills to the workforce as
wanting to become entrepreneurs, then quickly as possible to fill the gap in the
there should also be relevant social workforce.
or unemployment benefits so that if
someone falls through the net, then
their livelihoods are not at risk.

How do you see the Sri Lankan
job market post Covid-19?

In Sri Lanka, a lot of youth are not
productively employed. The industry
requires more skilled youth coming into
the labour market. The requirement for
skills will be even greater post-Covid-19.
Organizations that expect to grow won’t
get very far if they lack the people to
bring the plans to life. What might seem
like an irritating talent gap today could
prove a fatal competitive liability in the
not- too-distant future. Also, Fintech,
such as blockchain applications that
disrupt traditional mechanisms for
doing business, will demand a more
diverse skills set. Whether we are ready
to rise up to that challenge remains to
be seen.

What advice would you share
on raising the retirement age in
Sri Lanka?

Increasing the retirement age in Sri
Lanka can bring the country’s working
tenure closer to that of a developed
nation, give a fillip to economic are in 128th place out of 138 Given the increasingly competitive
growth, and maintain a good balance countries. What is the main nature of the global and local markets
between retirees and new entrants in reason for that? How can we and the need to improve the technical
the job market. The pros of increasing increase the efficiency of the and vocational skills of the labor force,
the retirement age far outweigh the labour Market? our education providers will need to be
cons for Sri Lanka. The key lies in the very innovative and oriented towards
implementation and flexibility. The skilled labour component is a key industry demand to address many of our
input to our economic development. skills gaps going forward. Institutions
According to the global The consequences of not having the right like the CMA should lead that effort.
competitiveness report, Sri skills have overall led to a productivity
Lanka is in the 71st place out drop and direct output losses. Sri
of 138 countries. However, in Lanka operates in a tight labor market,
labour market efficiency we characterized by low unemployment,

www.cma-srilanka.org | Volume 06 - No. 2 - September 2021