February 08, Colombo (LNW): Consumers who spend more than Rs. 10,000 in a month at cooperative retail outlets will soon be entitled to complimentary life insurance, according to Trade, Commerce, Food Security and Cooperative Development Minister Wasantha Samarasinghe.
Addressing the reporters after attending an event in Anuradhapura, the Minister revealed that the proposed insurance cover would exceed Rs. 300,000, marking a significant incentive aimed at encouraging greater public engagement with the cooperative sector.
He noted that the benefit would not be limited to shoppers alone, adding that registered members of cooperatives would also qualify for life insurance protection under the scheme.
The Minister further explained that cooperative employees are set to receive improved remuneration packages, including insurance benefits, as part of broader measures to revitalise cooperatives and position them as a key driver of economic activity.
Outlining the government’s wider plans, he said the cooperative movement would undergo extensive reforms, with new cooperative retail centres planned for every region of the country. In addition, low-interest financing is expected to be made available to support the establishment of large-scale cooperative outlets, particularly in urban centres.
