Unemployment and Underemployment in Sri Lanka: A Deep Dive

 Sri Lanka, a vibrant island nation in South Asia, boasts a rich cultural heritage and a growing economy. However, beneath the surface of its scenic beauty lies a pressing issue that affects thousands of its citizens: unemployment and underemployment. In this blog post, we will explore the challenges posed by these issues, their impact on individuals and the economy, and potential solutions to address this critical concern.

Understanding Unemployment and Underemployment:

Unemployment, a term commonly heard, refers to the state of being without a job despite being willing and able to work (The Reserve Bank of Australia.). On the other hand, underemployment occurs when individuals are employed in jobs that do not utilize their skills and qualifications fully (Indeed Editorial Team. 2022, November 6), often leading to lower job satisfaction and financial instability. In Sri Lanka, both these challenges persist, particularly among the youth and in certain regions, creating a complex web of economic and social issues.

Impact on Individuals:

The consequences of unemployment and underemployment are profound. Individuals facing these challenges often experience financial strain, diminished self-esteem, and a sense of hopelessness. The inability to secure stable employment not only affects their present circumstances but also hampers their future prospects. Moreover, underemployment can lead to a skills gap, where educated and skilled individuals are forced to work in low-paying, unskilled jobs, stunting their personal and professional growth.

Impact on the Economy:

From an economic standpoint, high levels of unemployment and underemployment can hinder a nation's progress. A workforce not fully engaged in productive activities leads to wasted potential and reduced economic output (Kumar, A. 2021, March 13). Moreover, it places additional strain on social welfare programs, further burdening the government's resources. Additionally, it can lead to social unrest and increased crime rates, posing significant challenges to overall societal harmony.

Addressing the Challenge:

Addressing unemployment and underemployment requires a multifaceted approach. First and foremost, investing in education and vocational training is essential. By equipping individuals with relevant skills, they become more employable and better prepared for the demands of the job market. Additionally, fostering entrepreneurship and creating a conducive environment for small and medium-sized enterprises (SMEs) can generate new employment opportunities.

Government initiatives, such as subsidized training programs, incentives for businesses to hire local talent, and investments in key sectors, can play a pivotal role. Furthermore, collaboration between the government, private sector, and educational institutions is crucial to identifying the specific skills needed in the job market and tailoring educational curricula accordingly.

Conclusion:

Unemployment and underemployment are not just statistics; they represent real people facing real challenges. As a society, it is our collective responsibility to address these issues, providing opportunities for individuals to thrive, contribute meaningfully, and build a prosperous future for themselves and their nation. Through education, collaboration, and innovative policies, Sri Lanka can overcome the hurdles posed by unemployment and underemployment, paving the way for a brighter tomorrow for all its citizens.

References:

01.The Reserve Bank of Australia. Unemployment: Its Measurement and Types. Retrieved from https://www.rba.gov.au/education/resources/explainers/unemployment-its-measurement-and-types.html#:~:text=Unemployment%20occurs%20when%20someone%20is,is%20in%20the%20labour%20force. (Accessed: 04th November 2023).

2.Indeed Editorial Team. (2022, November 6). What Is Underemployment? A Complete Guide With Types. Indeed Career Advice. Retrieved from https://in.indeed.com/career-advice/career-development/what-is-underemployment (Accessed: 04th November 2023).

3.Kumar, A. (2021, March 13). The Effects of Low Productivity on Business Growth. Saviom Blog. Retrieved from https://www.saviom.com/blog/effects-of-low-productivity-business-growth/ (Accessed: 04th November 2023).