Gamani Corea Foundation

Is Sri Lanka's Social Security System Protecting Its Elderly?

Sri Lanka's population is ageing rapidly. In 1981, there were about one million people aged 60 and above, making up just 6.6% of the population. By 2012, that number had grown to 2.5 million (12.4%), and by 2031, it is expected to exceed 4.5 million—around one in every five Sri Lankans.

Traditionally, older people in Sri Lanka have relied on their families for financial and emotional support. However, smaller families, migration, and changing lifestyles mean that many elderly people can no longer depend on this support. At the same time, a shrinking working-age population is placing greater pressure on the country's economy and welfare system.

Sri Lanka has several social security programmes to support retired people. These include the government pension scheme, the Employees' Provident Fund (EPF), the Employees' Trust Fund (ETF), and several pension schemes for private sector and informal workers. However, these programmes do not provide equal protection for everyone.

Government pensions offer a regular income for life, but they are available mainly to public sector employees. Meanwhile, EPF and ETF members receive a one-time lump sum payment at retirement, which is often not enough to cover living expenses over many years. Pension schemes for informal sector workers also have low participation, leaving many older people without adequate financial support.
Recent challenges, including the COVID-19 pandemic and Sri Lanka's economic crisis, have placed even greater strain on the country's social security system. Many elderly people continue to struggle with healthcare costs, poor nutrition, housing insecurity, and social isolation. At the same time, international organisations such as the International Monetary Fund (IMF) have stressed the importance of protecting vulnerable groups while the country implements economic reforms.

This study examines how different social security programmes affect the wellbeing of older people in the Kalutara District. Rather than looking only at income, the researchers assessed both objective wellbeing (such as financial security, health, and living conditions) and subjective wellbeing (such as life satisfaction and personal happiness).
The study also used advanced research methods to compare the wellbeing of people enrolled in different pension schemes with those who receive no pension at all.

This GCF funded research can be accessed: https://acesse.one/zy1hyiy

The Gamani Corea Foundation was pleased to partner with the launch of Rev. Prof. W. Wimalaratana, books;
Debt Crisis in Sri Lanka: Facts and Fallacies (co-authored with Dr. Mahinda Pushpakumara) , 64 Wounds that Crippled the Sri Lankan Economy, and
ශ්‍රී ලංකාවේ සංවර්ධනය අඩපණ කළ තුවාල 64 (Sinhala translation)

Geotourism is a type of tourism that encourages people to enjoy and learn about nature without damaging it. Instead of simply attracting visitors, geotourism aims to protect natural landscapes, geological formations, cultural heritage, and local communities so they can be enjoyed by future generations.

It focuses on places with special geological features, such as unusual rock formations, caves, volcanoes, mineral springs, and other natural landmarks. These locations, known as geosites, are protected while also being promoted as tourist attractions. Larger areas that contain one or more geosites are known as geoparks.
Sri Lanka is well suited for geotourism because of its rich natural beauty, ancient rock formations, unique landscapes, biodiversity, and cultural heritage. The country's geological attractions offer visitors the chance to experience nature while learning about the history of the land.

Geotourism also benefits local communities. By attracting visitors in a responsible and sustainable way, it can create jobs, support local businesses, and encourage communities to protect their natural environment. This creates a win-win situation where both tourists and residents benefit.

Despite Sri Lanka's rich geological heritage, geotourism has received relatively little attention. Previous studies have suggested that the country has strong potential to develop geoparks and geosites, particularly in rural areas where tourism could provide new economic opportunities. Proper management of these sites is important to ensure they are protected from damage while providing visitors with meaningful educational experiences.

This study examines the geotourism potential of six important geological sites in Sri Lanka:
• Jathika Namal Uyana (including the Rose Quartz Mountain)
• Sigiriya Rock
• Dambulla Golden Temple
• Nilavarai Bottomless Well
• Keerimalai Sacred Water Springs
• Nildiya Pokuna (Underground Water Pond)

The researchers used a recognised assessment method that gathered opinions from both tourism experts and visitors to evaluate each site's strengths and potential for future development.

The findings will help policymakers and tourism authorities identify opportunities to expand geotourism in Sri Lanka. Developing these sites responsibly could boost tourism, protect the country's unique geological heritage, and improve the livelihoods of local communities through sustainable economic development.
This GCF funded research can be accessed here - https://acesse.one/hr3lxo6

https://www.facebook.com/dailyft/posts/pfbid0y9FTdYxvTB3ordnWUv2VVKvApRhgJYPKAbNA9iQVuVU2ed2wEMiiYxhTstJWPEkgl

The public lecture, “Financial Sector Resilience amidst External Shocks", took place on July 15th at the Lakshman Kadirgamr Institute.
The keynote address, delivered by Mr. K. G. P. Sirikumara, Deputy Governor of the Central Bank of Sri Lanka, was followed by an interactive panel discussion and Q&A, featuring Prof. Priyanga Dunusinghe, Professor of Economics at the University of Colombo, Mr. J. P. R. Karunaratne, Former Deputy Governor of the Central Bank of Sri Lanka; Mr. Damith Pallewatte, Managing Director/Chief Executive Officer of HNB; and Mr. Romani De Silva, Deputy Chairman/Managing Director of Alliance Finance Company PLC.

Many Sri Lankans work overseas in search of better opportunities, sending home billions of rupees each year. But what happens when they return?
A recent study examined the impact of return migrants on small and medium-sized businesses (SMEs) in the Badulla and Monaragala districts of Uva Province. The findings show that businesses owned by return migrants consistently outperform those owned by non-migrants. Return migrant-owned businesses earned significantly higher incomes and profits, even after accounting for factors such as business size, workforce, and investment levels. The study found that these enterprises performed between 55% and 100% better than comparable businesses owned by non-migrants.
One key reason is that return migrants often bring back more than just savings. They return with new skills, international work experience, business knowledge, and valuable networks. Businesses that reinvested money earned abroad also recorded notably stronger performance than those that did not. The research highlights the important role return migrants can play in driving entrepreneurship, creating jobs, and strengthening local economies, particularly in less-developed regions such as Uva Province.
The key takeaway: Returning migrant workers are not just bringing money home—they are bringing experience, skills, and ideas that can help transform local businesses and support regional economic development. Supporting these entrepreneurs through training, financing, and business development programs could unlock even greater benefits for communities across Sri Lanka.
Read More: https://acesse.one/1zcf82h

As Sri Lanka looks to strengthen tax collection and improve public finances, a recent study examined how much young people know about taxes—and what influences their willingness to pay them. Surveying more than 1,700 young Sri Lankans, the research found that while many young people generally believe paying taxes is important, significant gaps remain in their understanding of tax laws, taxpayer rights, and how the tax system works.

The study identified six key factors that shape tax awareness: attitudes toward paying taxes, trust in how the government uses tax revenue, understanding of tax procedures, knowledge of tax laws, motivation to comply, and awareness of taxpayer rights. The findings suggest that improving tax literacy requires more than simply explaining tax rules. Building trust, increasing transparency, and making tax information easier to access are equally important. The study recommends introducing practical tax education in schools and universities, supported by digital tools and social media platforms that young people already use.

The key takeaway: Young Sri Lankans are generally willing to do their part, but many lack the knowledge and support needed to navigate the tax system confidently. Better education and stronger public trust could help create a more informed and responsible generation of taxpayers.

This GCF funded research can be accessed here:
https://shorturl.at/Yx05K

Sri Lanka’s Northern Province has enormous untapped economic potential, but decades of conflict and underinvestment have slowed its development.

A recent study explored whether establishing a Special Economic Zone (SEZ) in the North could help attract investment, create jobs, support businesses, and improve living standards. Based on surveys and interviews conducted across the region, the findings suggest that an SEZ could play an important role in addressing long-standing economic and social challenges.

However, the study also highlights that an SEZ is not a silver bullet. It should complement—not replace—broader efforts to improve infrastructure, education, public services, and regional development.

Participants strongly supported a model where local communities and authorities have a meaningful voice in decision-making, rather than relying solely on centralized control. Transparency, accountability, and minimal political interference were identified as essential for success.

The key takeaway: A well-designed SEZ could help unlock the North’s economic potential, but lasting progress will depend on inclusive governance, local participation, and a broader commitment to regional development.

This GCF funded study can be accessed by following the link: https://atomicurl.com/Jyl3

The GCF newsletter for May/June is out now

Newsletter - May/June - Gamani Corea Foundation The second phase of the GCF Grant Awards, 2025-26 took place at the Gamani Corea Foundation, on May 8th. In keeping with the vision of…