President Ranil Wickremesinghe yesterday promised to enact a new updated and unified labour law that will benefit both employers and employees and the economy.

In his 2023 Budget speech, he stressed that reforms in the labour sector were long overdue, in which both employee and employer should be protected in a manner to efficiently carry out productive economic activities.

“In a competitive export-oriented economy, both parties should productively participate in the promotion of the country’s progress. The laws, policies and institutional arrangements in the sector should not stall entrepreneurial abilities and business development. 

“In fact, the environment should be conducive to make use of  an individual’s talents while entrepreneurs’ risk-taking behaviour too should be rewarded,” the President said, adding that Sri Lanka’s labour laws are outlived and fragmented. 

President calls for due recognition, support for entrepreneurs