President Ranil Wickremesinghe, presenting the 2023 Budget in parliament today (Nov 14), proposed to establish National Productivity Commission as an independent institution to investigate and study productivity issues based on quantitative and qualitative data.
According to the Head of State, this commission will also be tasked with making recommendations on trade adjustment schemes, and advising the government on micro-economic policies related to industries and commerce and trade.
It will also provide recommendations on the elements and aspects requiring changes to the existing regulations on social and environmental issues.
The National Productivity Commission will train and guide the employees in industries that are closing down due to economic instability and the difficulty of adapting to new technologies, enabling them to find new job opportunities and if not, propose a compensation mechanism for employees who lost their jobs.
He said Rs 100 million would be allocated to establish the National Productivity Commission.
Meanwhile, the operations of the National Productivity Secretariat will also be incorporated into the proposed commission.
