Majority of senior citizens left out?
It is rather disappointing and depressing to note that the relief package worth Rs.5000, that was announced recently by the minister of finance, has been denied to another well deserving segment of senior citizens in the country that comprise non-pensioners from the corporate sector. It is no doubt, the bounden duty and priority of any govt. to look after the welfare and wellbeing of its entire citizenry and specially that of senior citizens, irrespective of their past status as govt. or non- govt. retirees. Very unfortunately, let alone a payment, there is not even a mention about this vast majority in this instance!
The proposed allowance is to cushion- to some extent- the unprecedented rise in cost of living at present, which has forced the majority of people to get food on table; one of the most difficult tasks.thus,such monitory support should reach all categories facing the current dilemma without any discrimination.
In this regard, it is to the credit of the YAHAPALANA govt. who for the first time introduced a very special rate of interest - 15% - per annum, on fixed deposits at state banks exclusively for the benefit of all senior citizens over 60 years of age, which commenced in 2015.All senior citizens, irrespective of whether pensioners or otherwise, benefitted and still continue to be so.
The only restriction is the cap on the maximum amount a senior citizen could deposit is 1.5 million.a vast majority of senior citizens have utilised this unique scheme which provided a monthly interest income (14.06%) to defray the cost on their medicinal and food bills.although the same interest rates still continue, due to very high inflation the real value of such income has now turned into a pittance! Making a bad situation worse is the fact that the present govt. has reduced all other interest rates on FDS to single digits. Govt. pensioners are better off, as on and off their pension benefits are supplemented with additional allowances to offset the rising cost of living. On the contrary, non-pensioners are always left to bear the brunt as none of these increases apply to them.
Put shortly, it is high time that the finance minister seriously considers increasing the prevailing special rate of interest at least on the FDS of non- pensionable senior citizens. Sri Lanka has the fastest growing ageing population in south Asia and it’s high time that the finance minister and other think-tanks plan to introduce a social benefit scheme/card that would enable all senior citizens to obtain compulsory discounts from both govt. and private sectors on their purchases in relation to staple dietaries, clothing, medicine and travel as well.