Treasury sets out criteria for 2019 bonus payments

The government is reported to have decided to pay bonus to more than 300,000 employees of 422 State-owned enterprises based on their performance in 2018 and 2019.

A circular issued by Treasury Secretary, S.R. Attygalle says the bonus to the employees of Government Corporations and Fully Government-owned Companies for 2019 should be based on the 2018 audited financial statements.

As such a bonus of Rs.15,000 is payable to employees of such institutions which have earned profits during 2017 including those which have recorded a loss in 2016 but made a profit in 2017 but not paid any incentives based on attendance, performance, etc.

A bonus of Rs.13,500 is payable to employees of institutions which have earned

Approval of the Board of Directors or the Board of Management should be obtained certifying the accuracy of the bonus calculation in terms of this Circular, prior to the payment of the annual bonus

profits during 2017 including those who have recorded a loss in 2016 but managed to make a profit in 2017 and where incentives based on attendance, performance or any other form of incentives have been paid.

Employees of State-owned ventures, which have recorded a loss in 2017 but reduced the loss compared to 2016 are to be paid a bonus of Rs.5,000.

Employees of government institutions which have recorded a loss in 2016 and failed to reduce the loss in 2017 will be paid a sympathetic bonus of Rs.3,000. The Finance Ministry said when a midterm allowance which can be considered as a bonus has been paid by any institution to its employees, it should be considered as an advance of the annual bonus paid at the end of the year unless the Cabinet grants special approval to consider such payment as an additional bonus. It said the approval of the Board of Directors or the Board of Management should be obtained certifying the accuracy of the bonus calculation in terms of this Circular, prior to the payment of annual bonus.