Business · Sri Lanka Bureau
Sri Lanka to amend 1972 Cooperative Employees Commission Act
The government has moved to update the Cooperative Employees Commission Act No. 12 of 1972 to align cooperative sector operations with modern socio-economic conditions and contemporary legal frameworks. The proposed amendments draw on decades of practical experience in regulating the cooperative movement.
LSN Sri Lanka ·
Authorities have identified the need for comprehensive amendments to the Cooperative Employees Commission Act No. 12 of 1972, recognizing that the legislation requires modernization to reflect current economic realities and legal developments across the cooperative sector.
The review comes as cooperatives continue to play a significant role in Sri Lanka's economy, with the legislation governing employee relations and operational standards requiring updates to ensure effective compliance and contemporary relevance.
A draft bill incorporating the proposed amendments has been prepared, informed by practical insights gained through the Commission's oversight of cooperative societies' activities over the past five decades. The amendments are expected to address gaps identified in the current framework while strengthening regulatory mechanisms.
The move aligns with broader efforts to modernize legislation affecting key economic sectors, ensuring that cooperative operations remain responsive to evolving market conditions and employment standards. Officials have indicated the amendments will enhance the framework without fundamentally altering the cooperative movement's foundational principles.
Further details regarding the specific amendments and timeline for legislative consideration are expected to be announced as the proposal advances through government channels.