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Workers' Remittances

Incentives for Sri Lankan Migrant Workers

Considering the importance of steady inflow of workers’ remittances, the Government and the Central Bank of Sri Lanka (CBSL) are in the process of taking steps to ensure that remittances reach their full potential in a manner that is beneficial to the worker as well as to the country.

Incentive Schemes for Migrant Workers

a) Introduced the ‘Additional Incentive Scheme on Inward Workers’ Remittances’ whereby Sri Lankan migrant workers are paid an additional Rs. 2 per US dollar remitted and converted to Sri Lankan Rupees from December 2020.
b) Introduced an incentive scheme to reimburse the transaction costs borne by migrant workers up to Rs. 1,000 per each transaction over Rs. 20,000 when remitting money to Sri Lanka and converting to Sri Lankan rupees.

Proposed incentives for Sri Lankan Migrant Workers

CBSL will be extensively involved in the process of introducing new schemes to enhance migrant workers' welfare in collaboration with other relevant authorities. In this regard, CBSL will continue to work with key stakeholders in the foreign employment sector such as the Ministry of Labour & Foreign Employment and Sri Lanka Bureau of Foreign Employment as well as the banking sector and several other stakeholders to introduce incentives schemes for migrant workers. These incentives include the banking facilities such as low interest loans and enhanced duty-free concessions for migrant workers.