According to the recently passed Amendment the VAT rate has been increased from 15% to 18% from January 01, 2024.
But there is no increase in wages compared to the increasing cost of living. Due to this, there will be a decrease in commodity consumption in the future. It will have some impact on the business collapse.
it is worth to note, No one can prevent these consequences. That is, the coming storm cannot be stopped. But it is possible to change the angle of the man sail and move forward safely.
In the coming economic recession, what should be done is not to restrict consumption, but to increase income.
During the economic recession, some critical changes must take place in public and private sector as follows
1. Introducing a special scheme to encourage voluntary retirement of highly paid employees
2. Increasing the workload of individual employee and increasing the salary accordingly,
3. Generation of part-time employment opportunities
4. Prompt payment of gratuity, EPF and ETF of retiring employees and encourage them entrepreneurship
5. Instead of the traditional 8.30-4.30 work schedule, set targets and arrange pay and emoluments accordingly.
6. Creating a new culture where an employee does two or three part-time jobs instead of one permanent job.
7. To introduce payment methods such as pay pal that can export goods and receive payment through the internet
8. Introducing new trade areas such as registration of foreign trade ships in Sri Lanka
9. Promotion of online job culture
10. Creating a favorable environment for investment
Facts being so, the responsibility of the parliamentarians , the executive and the mass media should be to organize the people to successfully face the economic recession by empowering them with news aides and concepts.
If so, the silver lining hidden in the dark cloud of economic recession will able be seen. The coming year will be a happy new year only with such a vision