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Hire a remote team in Sri Lanka

Hiring a remote team in a country as Sri Lanka comes with a lot of overhead, such as compliance, local laws, taxes, etc. As a company, you don't want to worry about knowing all the local laws. Instead you want to focus on your remote team and the business. Rivermate's Employer of Record (EOR) solution helps companies hire remote employees in Sri Lanka. We take care of global payroll, taxes, benefits, compliance and HR activities. So you can focus on growing your business.

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1. Hire a remote team in Sri Lanka with Rivermate

Payroll, benefits, taxes, and compliance can be difficult to manage in Sri Lanka, particularly if you don't have established local relationships. You can hire employees in Sri Lanka effectively, conveniently, and in full compliance with all relevant labor laws using Rivermate's global Employer of Record (EOR) solution. We handle the responsibilities and legal risks associated with foreign employment so you can concentrate on growing your company.

Table of contents
  1. Hire a remote team with Rivermate
  2. Introduction
  3. Hiring a remote team in your country
  4. Cost of living
  5. Cost of renting
  6. Major industries
  7. Hiring cost
  8. Employment laws
  9. Top skills
  10. Economic landscape
  11. Market size
  12. Minimum wage

2. Introduction

Rivermate is a global employment solutions company that provides Employer of Record services in Sri Lanka.As an employer of record, we help you hire employees and run payroll services in Sri Lanka, allowing you to avoid the necessity of first establishing a branch office or subsidiary in Sri Lanka.It is not necessary to establish an entity in order to hire an employee. We can hire your employee in any country with a few mouse clicks. Using our Employer of Record solution, you can have full compliance, benefits, and automated payments.If you wish to hire a remote team in Sri Lanka or individually hire remote employees in Sri Lanka, Rivermate’s global employer of record services will make sure that the process will be as seamless as possible for you.Send us a message so we can talk about how Rivermate’s Employer of Record Sri Lanka services can best help your company!

3. Hire a remote team in Sri Lanka

According to the World Bank Collection, Sri Lanka's age dependency ratio and young working-age population were 36.74% in 2019. It should be noted that the World Bank provided this historical data, actual values, projections, and forecasts in June (2021).Sri Lanka is a peaceful Indian Ocean island nation with a population of nearly 21.8 million people. The country has a rich cultural heritage and an increasingly ultra-cultured workforce, putting it in a good position to drive strong economic growth. It means that the majority of Sri Lankans can now earn more money and invest in their communities and families. Sri Lanka recently became a higher-middle-income country, with a GDP per capita approaching USD 4102. (2018). The country's economy is shifting from predominantly rural to urban areas, with a strong emphasis on services and manufacturing.Sri Lanka has a 2025 economic policy vision in which it aims to solidly embed numerous principles involving the social market economy, which provides economic dividends to all. In the first place, the government ensures that there is a skill pool that can meet the rising need for hire in Sri Lanka and help match the job market's needs.

4. Cost of living in Sri Lanka

Sri Lanka's cost of living is $316, which is 2.95 times less expensive than the global average. Sri Lanka was ranked 196th out of 197 countries in terms of cost of living, and the 96th best place to live.In Sri Lanka, the average after-tax salary is $144, which is enough to cover living expenses for 0.5 months.

5. Cost of renting in Sri Lanka

Sri Lanka is a lovely island with exotic attractions around every corner. The city is revered for its history, great charms, and wealth, which make it difficult for expatriates to resist. The country can be reasonably priced for those on a tight budget. Thus, if you stick to local transportation and stay in low-cost accommodations, you can easily afford to visit Sri Lanka.As of April 2021, the cost of living in Sri Lanka is very low when compared to other places. According to data, the cost of living in Sri Lanka for one person can reach $445 USD per month. This amount is approximately 1.66 times less expensive than the global average. In addition, Sri Lanka was ranked 186th out of 196 countries for having the lowest cost of living and 100th for being the best place to live. In Sri Lanka, the average after-tax salary is nearly USD 267. This is enough to cover your living expenses for 0.6 months.

6. Major industries in Sri Lanka

Sri Lanka's mineral extraction industries include gemstones, mining, graphite, kaolin, quartz, apatite, silt, clay, and excavation of beach sands containing monazite and ilmenite. Among these, gem mining is the most important because it produces high-end gemstones such as ruby, sapphire, topaz, and other semi-precious stones that are sold in foreign markets. Monazite, ilmenite, and graphite exported in semi-processed form contribute only a small portion of the country's foreign earnings.The Central Bank of Sri Lanka oversees all banking and currency-related issues. Until the late 1970s, commercial banking was virtually monopolized by the two state-run banks, People's Bank and Bank of Ceylon. Following the liberalization period. It enabled the establishment of numerous privately owned commercial banks as well as the overall expansion of the banking industry. Similar patterns have been observed in other commerce-related sectors such as wholesale trade and insurance. Increased private sector participation in commerce and industry resulted in active stock market trading in Colombo.

7. Hiring cost in Sri Lanka

The hiring cost in Sri Lanka depends on the industry, location, and designation of the employee. Ultimately, the labor laws in Sri Lanka ought to be followed. But Rivermate is here to help you hire in Sri Lanka! Just send us a message and we will be in touch.

8. Employment laws Sri Lanka

Sri Lanka's mineral extraction industries include gemstones, mining, graphite, kaolin, quartz, apatite, silt, clay, and excavation of beach sands containing monazite and ilmenite. Among these, gem mining is the most important because it produces high-end gemstones such as ruby, sapphire, topaz, and other semi-precious stones that are sold in foreign markets. Monazite, ilmenite, and graphite exported in semi-processed form contribute only a small portion of the country's foreign earnings.The Central Bank of Sri Lanka oversees all banking and currency-related issues. Until the late 1970s, commercial banking was virtually monopolized by the two state-run banks, People's Bank and Bank of Ceylon. Following the liberalization period. It enabled the establishment of numerous privately owned commercial banks as well as the overall expansion of the banking industry. Similar patterns have been observed in other commerce-related sectors such as wholesale trade and insurance. Increased private sector participation in commerce and industry resulted in active stock market trading in Colombo.

9. Top skills Sri Lanka

Demand for job-related skills is increasing in Sri Lanka, which aspires to be a competitive middle-income country. As their economy has evolved, the composition of their GDP has shifted from agriculture to higher-value sectors such as industry and services, which require a completely skilled workforce.A major goal of the government's plan is to maintain an annual GDP growth rate of nearly 8%. Their goal is to establish Sri Lanka as a hub for five strategic regions: aviation, maritime, energy, commercial, and knowledge. It will increase the demand for skilled labor even more.While Sri Lanka has achieved universal access to knowledge/education/training, employers are questioning the system's relevance and quality. According to World Bank reports, there is an acute shortage of skills, particularly for those in demand and supply, which are mostly unrelated to grades.

10. Economic landscape in Sri Lanka

Sri Lanka's free-market economy was worth nearly USD 84 billion in terms of GDP (2019), with a purchasing power parity (PPP) of USD 296.959 billion. From 2003 to 2012, the country experienced annual growth of nearly 6.4%, which was higher than their regional peers, owing to the rise of non-tradable sectors, which the World Bank warned was both inequitable and unsustainable, and has since slowed. With a per capita income of 13,620 PPP Dollars in 2019, the country was reclassified as lower-middle-income by the World Bank, down from upper-middle-income.Sri Lanka, with a vision of a happy 2025, intends to deliver impressive results. The government has created over 4,60,000 jobs and assisted over 200,000 families in securing their homes. Significant progress is being made in hiring in Sri Lanka to bring great opportunities to rural communities by developing necessary infrastructure such as bridges and roads, connecting urban and rural regions, and connecting Sri Lanka's economic hubs.

11. Market size in Sri Lanka

In 2019, the services sector in Sri Lanka accounted for approximately 58.2% of the country's economy, up from 54.6% in 2010. Sri Lanka's industries increased to 27.4% from 26.4% a decade ago, while agriculture increased to 7.4%. While agricultural exports are extremely competitive, technological advancements have slowed. Sri Lanka has the world's largest industrial and solid tire manufacturing centers, as well as a growing apparel sector. However, increased trade protection over the last few decades has raised concerns about a return to inward-looking policies.

12. Minimum wage in Sri Lanka

The minimum wage is 10,000 Sri Lankan rupees per month.