Tuesday September 18, 2018


Sri Lanka migrant workers in Korea trained on entrepreneurship - Corrected

Sep 11, 2018 17:56 PM GMT+0530 | 0 Comment(s)

UNSOUND MONEY:   While step devaluations due to policy errors will allow real wages to recover until the next fall, depreciation year after year traps workers in low wages.

ECONOMYNEXT  -  Sri Lanka's embassy in Seoul, and Colombo-based Nations Trust Bank had trained migrant workers in several cities in South Korea on entrepreneurship and financial management.

The programs will "enhance knowledge of financial management and entrepreneurship among returning Sri Lankan employeesin order to facilitate their smooth re-integration into the productive labour force of home country," the embassy said.

Wayamba University Senior Lecturer Aminda Perera and Nations Trust Bank Senior Vice President (Branch Network) Sheahan Daniel and spoke at the workshops, the embassy said.

In all countries migrant workers who leave the home country are risk taking and are among the most enterprising individuals in society.

Korea has a strong exchange rate and businesses in the country have invested in capital and processes to boost labour productivity, pushing up salaries.

In Sri Lanka due to permanent currency depreciation partly due to targeting the real exchange rate workers try to find jobs abroad.

Korea tried permanent currency depreciation in the early 1980s in a bid to reduce the real effective exchange rate index and keep down wages, which led to the so-called 'Great Workers Struggle'. (Corrected - Opening para - Sri Lanka's embassy in Seoul, and Colombo-based Nations Trust Bank had trained migrant workers in several cities in South Korea on entrepreneurship and financial management.)