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Sri Lanka Equity Forum » Stock Market Talk » Sri Lanka plantation stocks fall after new pay deal

Sri Lanka plantation stocks fall after new pay deal

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charithaa


Senior Equity Analytic
Senior Equity Analytic
Sri Lanka's publicly traded commercial farms which grow tea, rubber and oil palm, saw prices fall after a new pay deal which industry spokesman said may increase wages by 350 million to 450 million a year on average for each company.

The regional plantation companies announced a collective agreement with trade unions over the weekend which will raise the daily wage of a plantation worker from 500 rupees to 700 rupees. 

Voting shares of 10 of 18 listed plantation companies fell Monday.

Udapussellawa Plantations share closed at 29.40 rupees on Monday, down 2.50 rupees from Friday's close, after trading as low as 28.50 rupees

Talawakelle Tea Estate share fell 6.39 percent or 3.70 rupees to 54.20 rupees.

Hatton Plantation shares fell 60 cents to 7.20 rupees, Bogawantalawa Tea Estates down 70 cents to 12.90 rupees and Balangoda Plantations down 1 rupee to 16.20 rupees at Monday's close.

Plantation companies which currently have on average around 7,000-8,000 workers each, are expected to pay out an extra 350-450 million rupees annually after the pay deal, a spokesperson for the Planters' Association which represents estate managers said.

The twenty plantation companies, employing around 154,000 workers, may have to pay up to 9 billion rupees more in labour costs under the new agreement, the association said. Eighteen are publicly traded.

The latest agreement was signed at 11am Monday.

Unions had initially demanded 1,000 rupees in daily wages. Some unions had blocked roads in plantation areas in protest on Sunday and Monday morning, demanding the 1,000 rupees.

In the previous deal, workers got a basic salary of 500 rupees, an attendance allowance of 60 rupees, a productivity incentive of 140 rupees and a price share supplement of 140 rupees.

The new deal has 700 rupees in basic salary, and 50 rupees price share supplement.

A worker would also get 40 rupees for every extra kilo plucked above the 18 kilogramme 'plucking norm' of the field, up from 28.75 rupees in the earlier deal.

The farms grow a mix of crops including, tea, rubber, oil palm and coconut. Tea is the most labour intensive.

There were some concerns that incentive payments aimed at boosting productivity and attendance had been dropped. 

Children of plantations worker families are leaving the sector to areas including services where labour is scarce or there had been productivity gains and pay is higher.

Sri Lanka's rupee had been depreciated from 149.80 at the end of 2016, to 182 by the end of 2018, which tends to increase the nominal price of commodities helping offset part of the increase in wages.

Sri Lanka's small holder tea farmers, who own farms and not driven by unions, produce the bulk of tea in the island now. Plantations firms are also trying out models involving contracting out fields.

Tea is mostly exported and is subject to global demand and and also the underlying strength of the US dollar to which Sri Lanka's rupee is loosely pegged. 

The rupee however depreciates permanently due to the lack of a consistent monetary policy to support any exchange rate targeting.

charithaa


Senior Equity Analytic
Senior Equity Analytic
Tea production in 2018 had declined by 3.8 million kilos or 1.2% to 303.8 million kilos, with Low Growns suffering the steepest fall whilst CTC production reached a record high. 

According to Forbes and Walker Tea Brokers, Low Growns crop declined by 5.4 million kilos to 191.8 million and high Growns crop remained unchanged at 63.6 million kilos. Medium Growns saw a growth of 1.6 million kilos to finish 2018 at 45.7 million kilos. 

CTC production in 2018 totalled 23.9 million kilos a record surpassing the previous best of 23.3 million kilos achieved in 2012. The 2018 figure reflects a 2.1 million kilo increase over 2017.

charithaa


Senior Equity Analytic
Senior Equity Analytic
the wage deal is not ended yet, as estate workers plans to carry on strike requesting the 700 is not fulfilling their regular needs.

crs

crs
Senior Equity Analytic
Senior Equity Analytic
@charithaa wrote:the wage deal is not ended yet, as estate workers plans to carry on strike requesting the 700 is not fulfilling their regular needs.

වතු කම්කරුවන්ගේ වැටුප් වැඩි කිරීමේ ගැසට් පත්‍රය අත්හිටුවයි

crs

crs
Senior Equity Analytic
Senior Equity Analytic
@crs wrote:
@charithaa wrote:the wage deal is not ended yet, as estate workers plans to carry on strike requesting the 700 is not fulfilling their regular needs.

වතු කම්කරුවන්ගේ වැටුප් වැඩි කිරීමේ ගැසට් පත්‍රය අත්හිටුවයි
තම දෛනික මුලික වැටුප රුපියල් 1000 දක්වා වැඩි කරන ලෙස හෝ  තමන්ට වැඩි කළ රුපියල් 700 මුලික වැටුපට රු140 ප්‍රසාද දිමනාව හෝ එකතු කරන ලෙස බල කරමින් හැටන් කොටගල ප්‍රදේශයේ වතු කම්කරුවන් පිරිසක් අද (03) විරෝධතාවයක් ආරම්භ කර  ඇත.
හැටන් කොටගල ප්‍රදේශයේ වතු කිහිපයකම වතු කම්කරුවන් හැටන් කොටගල ප්‍රදේශිය සභා කාර්යයාලය අසල හැටන් නුවරඑලිය ප්‍රධාන මාර්ගයේ එක් මං තිරුවක් අවහිර කරමින් විරොධතාවයක නියැලුණේය.
විරෝධතාවයේ නියැලි සිටි වතු කම්කරුවන් කියා සිටියේ වතුකරයේ නියෝජනය කර දේශපාඥයින් තමන්ට රු 1000 ක මුලික වැටුපක් ලබාදෙන බවට පොරොන්දු වි රුපියල් 700 ක මුලික වැටුපක් පමණක් ලබා දි එයට අදාල අවබෝධතා ගිවිසුම වතු හාම්පුතුන්ගේ සංගමය සමග අත්සන් කර ඇති බවයි.
රුලියල් 700 මුලික වැටුපට තමන් මෙතෙක් ලබා ගත් රුපියල් 140 ප්‍රසාද දිමනාව අහිමි කර ඇති බවද විරෝධතාවයේ නියැලි සිටි වතු කම්කරුවන් කියා සිටියේය.
අහිමි වු රුපියල් 140 ප්‍රසාද දිමනාව යලි ලබා ගැනිම සඳහා වතු හාම්පුතුන්ගේ සංගමය සමඟ පැවැත්විමට නියිමිත සාකච්ඡාවේදි එම රුපියල් 140 ප්‍රසාද දිමනාව ලබාදිමට රජය කටයුතු කල යුතු බව විරෝධතාවයේ නියැලි සිටි වතු  කම්කරුවන් කියා සිටියේය.
මේ අතර හැටන් මල්ලිඅප්පුව ප්‍රදේශයේද හින්දු පුජකවරයෙක් ඇතුළු වතු කම්කරුවන් පිරිසක් තමන්ට රු 1000 ක මුලික වැටුප තමන්ට අහිමි වු රු 140 ප්‍රසාද දිමනාව ලබාදෙන ලෙස බලකරමින් සත්‍යග්‍රහයක් ආරම්භ කර ඇත.

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