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A milestone in employee welfare has been achieved in Sri Lanka’s apparel industry with Ceylinco Insurance partnering the Joint Apparel Association Forum (JAAF) – the industry’s apex body – to develop a standard life and medical insurance policy that can potentially protect some 350,000 workers and their families.
Costing less than Rs. 6 per employee per day, the Ceylinco ‘Ransalu Raksha’ policy provides life cover of Rs. 1 million, and will pay Rs. 1.5 million in the event of accidental death, Rs. 500,000 for partial and permanent disability, up to Rs. 500,000 as cover for 39 critical illnesses, reimburse up to Rs. 30,000 a year in medical expenses and contribute Rs. 30,000 as funeral expenses.
Developed after extensive discussions between Ceylinco Life Insurance, Ceylinco General Insurance, representatives of JAAF and Channel 17, which manages the ‘Ransalu Pranama Privilege’ Loyalty cum Welfare Programme of the Apparel Sector in Sri Lanka, the new policy is to be implemented as a group insurance scheme through voluntary participation of apparel companies.
Speaking at the launch of the scheme, Ceylinco Life Chairman R. Renganathan said the company is able to provide the special rate because of the strength of its Life Fund, which stands at Rs. 93 billion. “This exclusive insurance package tailor-made for the needs of apparel sector employees, is the result of many hours of discussion and negotiation, and recognises the importance of shielding this vital human resource from the vagaries of life,” he said.
JAAF Secretary General M.P.T. Cooray said Sri Lanka’s apparel industry has a well-evolved culture of protecting, nurturing and up-scaling its work force, helped by strong pro-labour laws and “rest of the world” best practices mandated by the buyers’ community.
The industry already has employee insurance in the form of contributory or company-funded schemes, but this new scheme takes the industry to an era of a standard insurance package if workers and companies decide to take it, Cooray said.
The launch of the scheme was also attended by senior office bearers of the JAAF led by its Chairman Sharad Amalean, senior management of apparel companies, Ceylinco Life Managing Director/CEO Thushara Ranasinghe, Ceylinco General Insurance Managing Director Patrick Alwis and Channel 17 Chief Executive/Director Jumar Preena.
The Joint Apparel Association Forum is the apex body which guides Sri Lanka Apparel towards its ultimate goal of being the world’s number one apparel sourcing destination. The entire Apparel Industry came under the aegis of Sri Lanka Apparel in 2002, forming its core activity to promote Sri Lanka as a “Preferred Sourcing Destination” in the region through implementing strategic plans.
With an export turnover of more than $ 5 billion, apparel is among the largest single industries contributing to the growth of Sri Lanka. As the Apex body representing the industry in Sri Lanka, JAAF seeks to steer the industry towards its target of $ 8 billion in exports by 2025.
