Call for Social Security System and Unemployment Insurance Fund

by Sarath Malalasekera

A Social Security System and an Unemployment Insurance Fund should be set up after taking into account the present EPF system and the Government pension schemes and studying the well established system in other parts of the world such as the UK, the USA and Scandinavian countries, said Kosala G. Tantula, a Financial Consultant based in Washington DC and California.

Tantula who is on a brief visit in Sri Lanka said that a comprehensive National Unemployment Insurance Fund and Social Security System would have softened the blows during the tsunami disaster.

Tantula told the "Sunday Observer" that he was willing to assist the country, where he was born to rebuild after the tsunami tragedy.

A severe shortage of qualified and experienced Management capability can hinder growth in Sri Lanka. The Banking structure should be revamped to bring it to the 21st century with intensive training of staff. The recent firmness shown by President Mahinda Rajapaksa should be carried on a regular basis, he said.

He said that this is a good opportunity as the allocation of a small portion of the relief fund towards these funds, to get them started, may not be difficult and can be a heads up. Again this should be done on a long term basis and not on a short-term basis, The banking structure too has to be strengthened.

Asked, how expatriates can assist Sri Lanka after the tsunami tragedy, Tantula said one has to acknowledge the fact that more than the Sri Lankan Embassies it was the Sri Lankan diaspora which was mainly responsible for the overwhelming relief effort.

There are some expatriates mainly professionals, who wish to serve pro-bono but unaware of how to get about the process. This is where the administration can offer initiatives. Utilising these professionals' services at least the hygienic standards of the country can be raised, he said.

The Financial Consultant said that one area noticeable was a severe lack of leadership participation by politicians. One can understand the shortcomings in disaster management because Sri Lanka has not been exposed to major catastrophes of this dimension before.

Quoting the "Tsunami Disaster Management Act 2005" which was argued before the Supreme Court headed by Chief Justice Sarath N. Silva PC, earlier Tantula said that this is a step in the right direction. This actually is a must to stop the haphazard distribution of donations.

Tantula is the President and CEO of Kosala International with offices in Sri Lanka, London, Washington DC and Beverly Hills, California. He was the first Sri Lankan to follow the nine-month full-time course for Articled Clerks at the City University of London in Moorgate. Tanatula gained extensive exposure in almost all the fields of Accounting and Auditing as well as Banking Securities.

"My main intention is to bring investments to Sri Lanka and I pray the authorities will assist me in this effort," he said.