Economy Archives

February 24, 2024

Responsible tourism refers to the practice of traveling in a way that minimizes negative impacts on the environment, supports local communities, and promotes cultural preservation.

It is important because it helps to preserve natural and cultural resources for future generations, reduces environmental degradation, supports the local economy, and promotes mutual understanding and respect between travelers and host communities. Additionally, responsible tourism encourages sustainable development and helps to empower local communities by involving them in the decision-making process and ensuring that they benefit from tourism activities ^{(Mathew & Nimmi, 2021)}.

What are the four pillars of responsible tourism?

The four pillars of responsible tourism are:

Economic responsibility
Social responsibility
Cultural responsibility
Environmental responsibility

What does it mean by economic responsibility in responsible tourism?

Economic responsibility in responsible tourism refers to the commitment to support and contribute to the economic well-being of local communities and businesses. This includes initiatives such as sourcing goods and services from local suppliers, employing local staff, and investing in community development projects.

What does it mean by social responsibility in responsible tourism?

Social responsibility in responsible tourism refers to the commitment to positively impact the well-being and quality of life of local communities. This includes initiatives such as respecting and engaging with local cultures, traditions, and customs, promoting fair labor practices, supporting social development projects, and ensuring the inclusion and empowerment of marginalized groups within the community.

What does it mean by cultural responsibility in responsible tourism?

Cultural responsibility in responsible tourism refers to the commitment to preserve and promote local cultures, traditions, and heritage. This includes initiatives such as respecting and preserving cultural sites and artifacts, supporting local artisans and traditional crafts, promoting cultural exchange and understanding between travelers and local communities, and ensuring that tourism activities do not exploit or commodify local cultures.

What does it mean by environmental responsibility in responsible tourism?

Environmental responsibility in responsible tourism refers to the commitment to minimize negative impacts on the natural environment and promote its conservation and sustainability.

This includes initiatives such as

Reducing carbon emissions and waste
Conserving water resources
Protecting natural habitats and biodiversity
Promoting sustainable practices in transportation and accommodation
Implementing effective waste management and recycling systems

Educating and raising awareness among tourists about sustainable practices to encourage responsible behavior. It is important to practice responsible tourism because it contributes to the overall well-being and sustainability of tourism destinations.

Responsible Tourism in Sri Lanka

How and what we can do as a nation to promote responsible tourism ?

As a nation, there are several actions that can be taken to promote responsible tourism in Sri Lanka:

1.Promoting and supporting community-based tourism initiatives: Encouraging local communities to take ownership of tourism development and empowering them to benefit from it economically, socially, and culturally.
Implementing and enforcing sustainable tourism practices: This includes setting and enforcing regulations and guidelines for responsible tourism, such as waste management, energy conservation, and responsible tourism behavior.
Promoting cultural sensitivity and respect: Educating both tourists and locals about the importance of respecting and preserving local cultures, traditions, and customs.
Investing in infrastructure and facilities that support responsible tourism, such as eco-friendly accommodation options, sustainable transportation systems, and visitor centers that provide information on responsible travel practices.
Collaborating with local communities, NGOs, and other stakeholders to develop and implement responsible tourism programs and initiatives.

6.Providing training and education for tourism industry professionals, as well as tourists themselves, on responsible tourism practices and the importance of sustainability.

By adopting these measures and promoting responsible tourism practices, Sri Lanka can minimize the negative impacts of tourism on its natural environment and promote the conservation and sustainability of its resources. Furthermore, responsible tourism can also contribute to the economic development of local communities by creating jobs and generating income.

Responsibility of the People and the Service Providers in the Travel Industry in Responsible Tourism ?

In responsible tourism, the responsibility lies with both the people and the service providers in the travel industry.

People: Travelers have a responsibility to engage in responsible tourism practices. This includes respecting the environment and local culture, minimizing waste and energy consumption, supporting local businesses, and being aware of and following rules and regulations set by the destination.

Service providers: The service providers in the travel industry have a responsibility to implement and promote responsible tourism practices.

This includes providing eco-friendly accommodation options, engaging in sustainable business practices, supporting local communities and economies, and educating their customers about responsible tourism. By working together and taking shared responsibility, both the people and the service providers in the travel industry can contribute to the sustainability and preservation of tourist destinations, while also enhancing the overall travel experience for all involved.

Share some of the tips for Sri Lanka, where it can apply these in to practices according to your experiences.

November 23, 2023

INSEE Ecocycle Sri Lanka has partnered with Godrej Household Products Lanka (Pvt) Ltd to implement efficient and eco-friendly solutions for damaged and expired products while contributing to the broader goal of a circular economy. By reducing Fast-Moving Consumer Goods (FMCG) product waste that reaches landfills, both companies are helping address the broader waste management issue and are playing a vital role in building a more sustainable and environmentally conscious future for Sri Lanka.

Godrej, a rapidly growing FMCG company specializing in home care, hair care, and personal care, is leveraging the expertise of INSEE Ecocycle, a pioneer in eco-friendly waste management solutions with over two decades experience in Sri Lanka. Through this partnership, INSEE Ecocycle will ensure the responsible disposal and recycling of damaged, expired, and short-dated products from Godrej’s island-wide distributors and outlets.

INSEE Ecocycle’s General Manager Sujith Gunawardhana commended Godrej’s dedication to minimizing its ecological footprint. “Corporate responsibility extends beyond profit margins. As custodians of the environment, corporates have a responsibility not just to manage waste but to pioneer innovative solutions that contribute to a greener future. Godrej’s forward-thinking decision to adopt sustainable waste management practices exemplifies corporate responsibility and paves the way for a future where environmental consciousness is a cornerstone of business strategy.”

The INSEE Ecocycle partnership offers a comprehensive solution ensuring the highest degree of circularity for the waste. INSEE Ecocycle transcends conventional waste management practices by prioritizing brand protection through the recycling of waste materials and sustainable disposal, aligning seamlessly with Godrej’s sustainability goals. INSEE Ecocycle’s upholds a stringent compliance framework, ensuring that every step of the process is in harmony with our collective environmental responsibilities.

“At Godrej, we believe that compliance with national frameworks isn’t just a requirement; it’s a commitment to ethical business conduct. INSEE Ecocycle’s expertise in this area surpasses these standards,” says Dileepa Gregory, Country Head for Godrej Sri Lanka. “Their dedication to sustainable practices aligns seamlessly with our values and ensures that commitment to brand protection is coupled with a responsible and eco-conscious approach to waste management.”

With a growing trend among corporations to adopt sustainable waste management practices, INSEE Ecocycle is expanding its resource recovery-based waste management services in Sri Lanka. INSEE Ecocycle has cultivated a diverse array of partnerships in sustainable waste management practices, ranging from the FMCG and e-commerce sectors to the dairy industry.

November 3, 2023

Two economists from Bloomberg, Messrs. Abhishek Gupta and Ankur Shukla shared their views on the economic outlook of Sri Lanka at a corporate event organised and hosted by the Commercial Bank of Ceylon recently as an activity of the Bank’s Trade Club. Many distinguished invitees attended the event at Kings Court, Cinnamon Lakeside. The two economists were joined by Commercial Bank’s Chief Operating Officer Mr S. Prabagar and Chief Financial Officer Mr Nandika Buddhipala at a panel discussion that was part of the programme. Pictured here are the distinguished panelists.

October 13, 2023

Emirates Premium Economy and Economy Class customers on long haul flights globally will be treated to new complimentary amenity kits, now onboard. The amenity kits have been designed in partnership with United for Wildlife, to highlight eight of the most endangered species on the planet.

Preserving wildlife and habitats is a core pillar of the Emirates Environmental Sustainability Framework. The new amenity kit range will highlight Emirates’ longstanding partnership with United for Wildlife and commitment to raising awareness about endangered species, and the prevention of illegal trade of wildlife and wildlife products. The animals featured on the kit pouches and bookmarks are some of the most trafficked creatures in the world – the green sea turtle, African elephant, blue macaw, gorilla, hammerhead shark, lion, pangolin, and the black rhino.

United for Wildlife has shared some impactful statistics which highlight the magnitude of the issue, such as that globally 100 elephants are poached every day, meaning that at current poaching rates elephants could be extinct in the wild by 2025. There are now only 30,000 rhinos left in the wild compared to the 500,000 that existed at the beginning of the 20th century, meanwhile pangolins are the most trafficked mammal in the world.

David Fein, Co-Chair of United for Wildlife, said: “The illegal wildlife trade is international organised crime that is driving many iconic species around the world towards extinction at an alarming rate. Airlines and other transport operators have a huge role to play in disrupting the traffickers’ supply chains. Emirates have consistently demonstrated leadership and commitment in tackling this global threat. We are delighted to see the new amenity kits from Emirates now onboard and hope that passengers find them informative and inspiring.”

Emirates is actively involved in the fight against illegal wildlife trafficking and exploitation and is a member of the United for Wildlife Transport Taskforce. Emirates has zero tolerance towards the illegal trade of wildlife and wildlife products and its freight arm, Emirates SkyCargo, has implemented a complete ban on hunting trophies of elephants, rhinoceros, lions and tigers. In June 2023, Emirates reinforced its commitment to environmentally responsible practices by achieving IATA Environmental Assessment (IEnvA) Stage One and the IEnvA Illegal Wildlife Trade module certifications.

The new Emirates wildlife amenity kit pouches are reusable and made from washable kraft paper with bespoke art of the animals printed in non-toxic soy-based ink. The contents include a selection of durable travel essentials made from materials that reduce the use of virgin plastic. The toothbrush is made from a combination of wheat straw and plastic, and the socks and eyeshades are made from recycled plastic, in this case, rPET (recycled polyethylene terephthalate). Emirates is also phasing earplugs back into the amenity kits at the end of the year – due to popular requests from customers.

October 2, 2023

Dubai, UAE, 2 Oct 2023: Emirates has recently been crowned as a 2024 APEX World Class Airline winner for mastering guest experience and delivering outstanding customer service, at the 2024 APEX/IFSA Awards held in Long Beach, California. Evaluated through a comprehensive audit of quality of service, safety, and health control initiatives, Emirates is one of just eight airlines globally to achieve this accolade. Emirates also received a 2024 IFSA award for ‘Best Onboard Amenity,’ in recognition of Emirates Sustainable Economy Class amenity kit – filled with useful amenities to enhance passenger comfort whilst being composed of more sustainable materials designed for reusability.

Recognising Emirates commitment to ensuring passengers ‘Fly Better,’ Emirates was awarded the World Class accolade for demonstrating the highest global standards of safety and well-being, sustainability, and service-guest experience. Celebrating a year of record profits, a successful first year of Premium Economy Class, sizeable investments into enhancing onboard services, and notable steps in the journey towards a more sustainable future, Emirates was lauded by the aviation industry for its innovation and commitment to excellence.

APEX CEO Dr Joe Leader commented;

“Tonight, we did more than merely acknowledge the prowess and passion of the airline industry, we paid tribute to 2024 APEX World Class trailblazers like Emirates, who have unequivocally etched a golden chapter in the annals of air travel beyond five stars. I had the privilege of spending invaluable moments with President Sir Tim Clark at APEX’s FTE EMEA event in Dublin earlier this year. The insights, the vision, the sheer audacity of Emirates’ approach to revolutionizing the skies carried in every word he shared. Emirates is not just an airline; it’s a symphony of innovation, ambition, and undying commitment to excellence.”

August 25, 2023

Colombo, Sri Lanka – August 25th, 2023 – Sri Lanka’s steadfast commitment to strengthening its export-oriented economy through manufacturing is taking center stage at the 7th edition of the Complete Plastics Exhibition (COMPLAST 2023). The highly anticipated event is currently underway from August 25th to 27th, 2023, at the prestigious Bandaranaike Memorial International Conference Hall (BMICH) Colombo’s. The collaboration between the Plastics and Rubber Institute of Sri Lanka (PRISL), Smart Expos, and the Industrial Development Board has culminated in the successful realization of COMPLAST 2023. This unprecedented partnership underscores the collective efforts of these organizations to invigorate Sri Lanka’s industrial growth and enhance its global manufacturing footprint.

Under the theme “Shaping Innovation, Powering Progress,” the inauguration was presided over by Dr. Ramesh Pathirana, the Minister of Industries & Plantation Industries, signifying the country’s unwavering focus on industrial advancement. The opening ceremony features esteemed luminaries and dignitaries, with Dr. Satyanjal Pandey, the Deputy High Commissioner of India for Sri Lanka, gracing the occasion as the Special Guest of Honour. Dr. Saranga Alahapperuma, Chairman of the Industrial Development Board Sri Lanka, is also participating as the Guest of Honour, reflecting the event’s significance in fostering international collaborations and propelling industrial growth.

Over the course of three impactful days, the event is showcasing five concurrent exhibitions that are propelling the industry’s momentum to unprecedented levels. These exhibitions are:

RUBEXPO 2023: The 4th edition of the International Rubber Expo, which is showcasing a wide array of materials, machinery, and products integral to the rubber industry. COMEXPO 2023: The 4th edition of the Complete Manufacturing Expo, aimed at catalyzing the growth of the manufacturing sector by presenting cutting-edge technologies and solutions.TOFAS 2023: The inaugural Tools and Fasteners Expo, dedicated to hardware, tools, and fasteners, crucial components of the manufacturing landscape. MOPEEXPO 2023: Making its debut, the ultimate Motor Parts Expo is featuring spare parts, tires, batteries, and garage equipment. The MOPEEXPO is receiving extensive support from prominent industry associations, including the Sri Lanka Auto Component Manufacturers Association, Chamber of Automobile Professionals and Enterprises, and Lanka Motor Spare Parts Dealer Association.

The event is hosting an impressive roster of participants, surpassing 200 companies, including prominent representations from India, China, and Sri Lanka. The showcase is featuring over 50 Indian companies, 80 Chinese companies, and more than 80 local companies from across Sri Lanka, all of whom are exhibiting their innovative products and solutions.

Reflecting on the event’s significance, B. Swaminathan, CEO of Smart Expos India (Pvt) Ltd, notes, “In these dynamic times, nurturing an export-driven economy is of paramount importance. COMPLAST 2023 serves as an instrumental platform to spotlight Sri Lanka’s manufacturing prowess to a global audience. The event undoubtedly contributes to steering Sri Lanka’s economy towards sustainable growth through exports.”

COMPLAST 2023 is emerging as a landmark event that is bringing together key stakeholders from the manufacturing sector, providing a unique platform for the exchange of ideas, innovation, and exploration.

With robust support from industry leaders, distinguished guests, and enthusiastic participants, COMPLAST 2023 is marking a transformative event that solidifies Sri Lanka’s manufacturing prowess on the global stage.

August 16, 2023

As a responsible corporate citizen and a premier private sector bank in Sri Lanka, Sampath Bank has once again showcased its unwavering commitment to supporting the Sri Lankan economy and its people throughout the past four to five years. Despite facing significant challenges, including the aftermath of the Easter attack, the COVID-19 pandemic, foreign currency crisis, and social unrest, the Bank has remained steadfast in its dedication to customers, the community, and deposit holders.

In a show of solidarity during tough times, the Bank has extended various forms of moratoria and concessionary repayment plans, providing much-needed relief to its customers. This commitment to alleviating economic pressure has been a cornerstone of Sampath Bank’s approach in these turbulent times.

Furthermore, the Bank has continued its strong contribution to public financing, with an effective tax rate exceeding 56% for the period ending June 2023. These contributions, which include Income Tax, VAT on Financial Services, Social Security Contribution Levy, Crop Insurance Levy, and other indirect taxes, underscore the Bank’s role as a significant participant in Sri Lanka’s economic landscape.

Sampath Bank’s dedication extends beyond financial matters, as demonstrated by its impactful Corporate Social Responsibility (CSR) initiatives. The Bank’s flagship project “Weweta Jeewayak,” a tank restoration endeavor, and the “A Breath to the Ocean” initiative aimed at restoring the oceanic ecosystem, reflect the Bank’s commitment to sustainability, environmental preservation, and community well-being.

Financial Highlights

During the first half of 2023, Sampath Bank reported robust financial performance, with a profit before tax (PBT) of Rs 13.2 Bn and a profit after tax (PAT) of Rs 7.7 Bn, representing growth of 46.6% and 8.1% respectively compared to 1H 2022.

Key financial highlights for 1H 2023 compared to the same period in 2022 include:

Growth in Net Interest Income (NII) supported by higher AWPLR.

A 13.6% increase in net fee and commission income driven by trade-related operations.

A decline of exchange income due to LKR appreciation against USD.

A significant 74.4% decline in impairment provision on loans and investments.

Operating expenses increased by 19.1%.

A 104% increase in total tax expenses due to the upward revision in income tax rate and the introduction of SSCL.

The Group’s PBT and PAT for 1H 2023 were Rs 13.4 Bn and Rs 7.6 Bn respectively, reflecting growth of 39.3% and 3.6% respectively.

Capital Ratios and Awards

Sampath Bank’s capital adequacy ratios continued to improve, with CET 1, Tier 1, and total capital ratios standing at 13.89%, 13.89%, and 17.36% respectively as of June 30, 2023. This improvement is attributed to several factors, including a Tier 2 capital infusion, profit generation in 2023, and a decline in risk-weighted assets due to LKR appreciation.

In recognition of its exceptional performance, Sampath Bank was honored with the esteemed title of “Best Bank in Sri Lanka for 2023” at the Euromoney Awards ceremony held in Hong Kong. This prestigious award, the fifth time the Bank has received it, underscores Sampath Bank’s enduring excellence and positive impact on society.

Assets, Liabilities, and Growth

Sampath Bank’s total assets increased by Rs 97 Bn (an annualized growth of 14.6%) from Rs 1.3 Tn as of December 31, 2022, to Rs 1.4 Tn as of June 30, 2023. Despite the LKR’s appreciation against the USD, the Bank’s total deposit book grew from Rs 1.1 Tn to Rs 1.14 Tn during the same period, demonstrating strong customer confidence.

Commitment to the Future

Looking ahead, Sampath Bank remains committed to navigating challenges, contributing to the economy, supporting its customers, and positively impacting society through its sustainable initiatives. The Bank’s enduring resilience and commitment to excellence position it as a cornerstone of stability in the Sri Lankan financial landscape.

June 27, 2023

The Chamber of Young Lankan Entrepreneurs (COYLE) held a crucial meeting at the Labour Department with the Minister for Labour, Hon. Manusha Nanayakkara MP, the Commissioner General of Labour, Mr B.K.Prabath Chandrakeerthi, Advisor cum Private Secretary to the Minister, Shan Yahampath and other Ministry officials to address the need for important labour reforms. The primary focus of the meeting was to advocate for progressive labour regulations that will help to ensure a safe and conducive working environment for employees, complemented by a well-designed safety net post-employment. The meeting concluded on a very positive note with the department officials and COYLE in agreement to cooperate with each other to venture into further possibilities of reviewing reforms to help develop a larger economy in Sri Lanka thereby creating a large pool of jobs.

The post-pandemic situation as well as the economic crisis faced by Sri Lanka has resulted in the much observed “brain-drain” that is occurring. COYLE believes this can only be prevented in the future years by ensuring that our economy has a significant increase in the number of private sector institutions capable of delivering sufficient wages to its work force. The public sector has been burdened and rendered inefficient due to the large redundant work force that has been bought on to its payroll by politically motivated decisions made by all governments during the past decades. This crisis should be the final catalyst for shifting the thought mechanism of burdening the public sector with short term decision making for political mileage to developing the private sector to amass a larger job-pool and more career building opportunities as all developed countries.

COYLE shall be working closely with the ministry with the view of progressive reforms that removes the conflictive culture that currently exists between the Labour Department and the employer in order to put forth mechanisms that provides a fair safety-net for employees whilst ensuring a more progressive legislation which will not deter investors away from Sri Lanka.

June 8, 2023

As Sri Lanka marks World Environment Day, INSEE Ecocycle takes center stage as the pioneering force in waste management, driven by the principles of the circular economy. With a profound commitment to sustainability and respect for the UN’s Sustainable Development Goals, INSEE Ecocycle has emerged as a game-changer in waste disposal, waste recovery, and overall waste management solutions.

Embracing the circular economy model, INSEE Ecocycle goes beyond waste disposal and management solutions through its dedication to transforming waste into valuable resources. As the waste management arm of INSEE Cement, the company’s journey began in 2003 when it began using biomass and industrial waste as alternative fuels and raw materials for the cement manufacturing process. Since then, INSEE Ecocycle has expanded its scope, venturing into hazardous waste management, sorted non-biodegradable municipal solid waste processing, and molecular recycling through its pyrolysis plant.

“At INSEE Ecocycle, we are driven by the belief that waste should be viewed as an opportunity rather than a burden,” says Sujith Gunawardhana, General Manager, INSEE Ecocycle. “Our goal is to revolutionize waste management and create a sustainable future where waste becomes a valuable resource that can be used to create the things we need to build a better life!”

Both historically and at present, INSEE Ecocycle plays a pivotal role in developing environmentally friendly avenues for managing hazardous waste in Sri Lanka. In collaboration with the government, regulatory authorities, and industries, the company facilitates the safe and eco-friendly management of countless tons of hazardous waste annually, continually setting new standards for responsible waste disposal practices in Sri Lanka.

Underscoring INSEE Ecocycle’s commitment to innovation, the company has invested in a state-of-the-art modern laboratory, providing analytical services to various industries in relation to waste management. This cutting-edge facility enables comprehensive waste analysis, including solid, liquid, wastewater, fuel, and fertilizer analysis. Through the provision of these services, INSEE Ecocycle has solidified its position as a comprehensive, one-stop shop for total waste management solutions and a drive towards more circular solutions.

The specialty of INSEE Ecocycle’s approach lies in its unique co-processing method, carried out within the cement kilns. By complementing the cement manufacturing process in partnership with its parent company, INSEE Cement, waste is destroyed and decomposed fully without harmful emissions. In stark contrast to conventional landfill or incineration methods, co-processing ensures waste is converted into valuable resources, minimizing environmental impact. Additionally, the company’s commitment to transparency and accountability is demonstrated through continuous monitoring of emissions and regular reporting to regulators.

Driven by its ESG ambitions for 2030, INSEE Ecocycle focuses on three key pillars: climate and energy, the circular economy, and biodiversity and water. Concentrating on these pillars, the company strives to reduce CO2 emissions, decrease energy consumption from fossil fuels, enhance waste utilization, and promote water conservation, while also making a net positive impact on biodiversity. These initiatives, coupled with a “zero-harm” ambition and robust community engagement, solidify INSEE Ecocycle’s dedication to environmental stewardship.

Further highlighting the company’s commitment to transforming waste disposal in Sri Lanka, INSEE Ecocycle presently collaborates with over 100 municipal councils and local authorities islandwide, supporting the responsible collection and disposal of sorted non-biodegradable municipal solid waste (MSW). The company plays a pivotal role in providing technical expertise, infrastructure, and final disposal facilities to efficiently manage waste. Recognizing that municipal solid waste (MSW) is a national concern, INSEE Ecocycle actively collaborates with government authorities at all levels to find sustainable solutions.

INSEE Ecocycle also partners with organizations that generate waste to help them take ownership and responsibility for managing their waste in an environmentally friendly and professional manner. Through its industrial services arm, INSEE Ecocycle offers a range of services, including waste mapping, waste reduction guidance, technical solutions, chemical cleaning, tank cleaning, emergency responses, and professional logistics services. By sharing its wealth of experience and knowledge, INSEE Ecocycle empowers its clients to embrace sustainable waste management practices and minimize their environmental footprints.

“Our vision goes beyond waste management as we aim to build a greener, more sustainable future for our country,” explained Mr. Gunawardhana. “Through our unmatched expertise, extensive geographical presence, and participation in nationally important projects, we are driving change and reducing the burden of MSW and other hazardous waste.”

Emphasizing the significance of individual actions in waste management, Mr. Gunawardhana added, “Every small effort counts in reducing waste and managing it properly. Simple practices like reusing bags and avoiding the mixing of different types of waste can help #BeatPlasticPollution and have a significant impact on the effectiveness of waste treatment and disposal measures. Awareness is crucial, and that’s why we always try to share knowledge and inspire people at every level to do and be better, even when it isn’t in our economic interests, in order to drive a sustainable waste management culture in Sri Lanka.”

With World Environment Day being marked worldwide on June 5, 2023, INSEE Ecocycle stands at the forefront of the battle against environmental pollution in Sri Lanka, blazing the trail with its innovative waste management solutions, driven by circular economy principles. By redefining waste as a valuable resource and fostering partnerships with diverse stakeholders, INSEE Ecocycle is working to realize a greener future for all Sri Lankans

May 22, 2023

PickMe has become a trailblazer by creating safety nets for those working in the gig economy. Currently, over 11,000 drivers are covered under the company’s latest insurance scheme. As PickMe expands their platinum and gold categories for drivers, the insurance scheme will provide cover to more people. Something unique about the scheme is that PickMe drivers are paid insurance claims even for accidents that may occur during periods they are off duty, making it the only digital platform to extend protection to gig workers 24 hours of the day.

“This program not only covers drivers, but also their families. 1,675 claims have been made to date, amounting to Rs. 38,467,610. 3 claims were paid following deaths of drivers, one while working on the app. Funeral expenses of members’ parents and spouses’ parents have also been covered for 405 drivers. Claims can be made for child birth and 421 drivers received a payment of Rs. 50,000 each. Hospitalisation for general purposes as well as covid were also covered. Allowances for grade 5 scholarship, O/Ls and A/Ls were paid for 189 children,” says Jiffry Zulfer, Founder CEO of PickMe.

The Rs. 4 million Insurance scheme provided by PickMe through Cooperative Insurance allows a maximum medical insurance cover of up to Rs. 3,000,000 in case of an accidental death or Permanent disability to a driver or a family member. Beneficiaries are entitled to a Life Insurance cover of up to Rs 1,000,000 and will receive compensation up to Rs 1.5 million and Rs 300,000 in case of critical illness. The terms of the Insurance scheme also allows for a payment of Rs 30,000/- as compensation in case of hospitalisation. The Insurance Scheme will extend financial assistance of Rs. 30,000 – Rs. 50,000 in the event of a funeral in the family.

Palitha Kodithuwakku, representative of the Co-Operative Insurance Company said, “Insurance premiums are given to children facing university entrance exams as well. We hope to increase the number of 11,000 PickMe drivers who are currently covered by the insurance to 25,000 – 30,000 in the future.”

As digital services gradually take centre stage in most economies, the PickMe platform is positioning itself as the second tier of public transport. At the same time, the company is also bringing value addition to app-based deliveries, which is becoming a popular solution for home and office utilities.

Whilst the platform’s taxi hailing services have expanded and have reached pre pandemic levels, the digital platform is experiencing large numbers of people joining them to create livelihoods for themselves.

“In the past there were various accusations levelled at digital platforms who use gig services as being impersonal and dismissive towards those providing services as employees. This is not the case with PickMe, as we in the past 5 years have been developing systems within a system where there is no employer-employee relationship, to ensure that we provide a sense of belonging and loyalty amongst our drivers to the platform. Insurance coverage for the driver and family is one such offering and it has had a great response,” says Zulfer Jiffry, CEO of PickMe.

PickMe’s insurance coverage for drivers, which has been in operation for nearly 4 years, is awarded free of charge to drivers who reach gold and platinum levels of service on their platform. The levels are reached based on drivers general conduct, performance and reliability.

Older Posts

What is Responsible Tourism And Why Is It Important?

What are the four pillars of responsible tourism?

What does it mean by economic responsibility in responsible tourism?

What does it mean by social responsibility in responsible tourism?

What does it mean by cultural responsibility in responsible tourism?

What does it mean by environmental responsibility in responsible tourism?

Responsible Tourism in Sri Lanka

Responsibility of the People and the Service Providers in the Travel Industry in Responsible Tourism ?

Godrej joins INSEE Ecocycle’s expanding roster of partners committed to sustainable waste management practices, propelling Sri Lanka’s circular economy.

Bloomberg Economists speak on Sri Lanka’s economy at ComBank Trade Club event

Emirates launches new wildlife amenity kits highlighting endangered species

Emirates crowned as 2024 APEX World Class Airline, with additional award for Economy Class amenity kit

Sri Lanka’s Focus on Export Economy Manufacturing Highlighted at COMPLAST 2023

Sampath Bank stands committed to reinvigorate the Sri Lankan economy.

COYLE Holds Discussions on Progressive Labour Reforms for Safer Work Environment for Employees and a larger investor-friendly economy with Minister Manusha Nanayakkara

INSEE Ecocycle: Realizing a Circular Economy through Innovative Waste Management

PickMe insures drivers on and off the clock