World Bank has supplied Maldives with a grant aid of USD 24 million (MVR 370 million) to provide assistance and insurance to overcome problems and obstacles faced by workers.
This aid was contributed under Sustainable and Integrated Labour Services (SAILS), a new initiative started by World Bank. This project is being conducted in collaboration with Economic Ministry and Pension Office.
As the unemployed population increases in the Maldives, many of them live in the atolls. Forty six percent of women in atolls are not employed.
According to the World Bank, employers face challenges in finding Maldivians for high paying jobs in resorts and other fields.
According to the World Bank, while youth self-employment in the Maldives is on the rise, they also find it challenging to save a sufficient amount of money for the retirement age. The bank was working to provide solutions for the demographic and to provide assistance should they suddenly lose their income source.
World Bank Country Director for Maldives, Sri Lanka, and Nepal, Faris Hadad-Zervos, said that the unemployment rate in Maldives rose after the Covid-19 pandemic. World Bank wants to assist the people that loss their jobs during this period to return to work, he said.
He said the assistance will increase employment opportunities in key areas such as tourism and the renewable energy sector as Maldives' economy improves.
Senior Economist for Sri Lanka and Maldives Thomas Walker noted that the pandemic affected self-employed and the freelance workers greatly. Even though government aid had provided some relief, a lot of people were forced to take long term no-pay leaves.
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