Cabinet nod to increase additional incentive for inward workers’ remittances

The Cabinet of Ministers has given its nod to increase the current payment of an additional Rs. 10.00 per US dollar for worker remittances channelled through licensed banks and other formal channels and converted into Sri Lankan rupees.

Accordingly, the additional incentives for inward workers’ remittances will be increased to Rs. 38.00.

The proposal was tabled by Minister of Labour Nimal Siripala de Silva.

The foreign employment sector, a major source of foreign exchange for Sri Lanka, remits approximately USD 7-8 billion annually to Sri Lanka, the government says.

As the foreign exchange earned by migrant workers should be appreciated and more economic benefits should be given to their family members and dependents to encourage the remittances into the country during the coming New Year, the Cabinet of Ministers approved the proposal to increase the current incentive allowance of Rs. 10 per dollar to Rs. 38 per US dollar.