Tuesday, May 11, 2010

Migrant worker remittances to rise; recession impact fading

Sri Lanka’s revenues from migrant worker remittances are likely to see a sharp increase with the negative fallout of the economic recession fading away.

A new survey in the Gulf revealed that more than half the companies in the Gulf are planning to hire in the next three months.

The Sri Lanka Bureau of Foreign Employment has been encouraging male migration coupled with skilled labour in recent years.

According to the Middle East survey carried out by job site Bayt.com and pollster YouGov, 56 percent of companies there said they intend add to their headcount, with 29 percent definitely recruiting and 27 percent probably hiring.

The results are unchanged from the last survey in February when 56 percent of companies also said they planned to hire in the next three months.

Asked about the next 12 months, 30 percent of companies said they definitely plan to recruit and 40 percent said they will probably hire, little-changed from the previous survey.

"The first quarter of 2010 started positively in terms of the propensity to hire among organisations across the Middle East, and this latest study indicates these early positive sentiments will continue into the second quarter," Bayt.com CEO Rabea Ataya said.

The Sri Lanka Bureau of Foreign Employment (SLBFE) said recently the migrant worker remittances increased by 14 percent last year, compared to 2008.

In 2008, the revenue generated through foreign employment amounted to US $ 2.9 billion and in 2009 US $ 3.3 billion.(VS)

The island online

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