Take care of our senior citizens

At the threshold of another crucial presidential election to choose the 7th executive president. The Rajapaksa regime considered 1% interest rate on the EPF profits by investments in the stock market to stakeholders by remitting some grant to their respective accounts.the new regime should continue this good work since we don’t have a social insurance package for the elders and the disabled like in advanced countries.the 15% interest rate on savings deposits up to 1.5 million for senior citizens is praiseworthy.the Treasury has undertaken to release funds for this purpose to honour the past contribution by seniors to the economy.their experience and knowledge is untapped for the development of the nation. Previously 1% was paid on the bonus incurred on the investments of the EPF savings in the stock market.these controversial investments did not get parliamentary sanction.the EPF statute specifically states that this pension monies could not be withdrawn or invested till the contributor reach retirement. CB statistics show 6% of the EPF is invested in the stock market.there is no transparency on the investment of EPF/ETF funds contrary to the provisions of the statutes which created this pension fund. Other countries with huge pension funds of this nature manage them with transparency. We hope the new government will honour the 15% for the savings of senior citizens.

BANDULA NONIS