Letters to the Editor
23rd April 2000
Contents
- EPF/ETF interest rates-God help us
- More smiles please
- Wake up and save them
- Coal is the only option
- The Cuban chalk circle
EPF/ETF interest rates-God help us
Over the years the members of the Employees' Trust Fund earned a higher rate of interest than what was paid by the Employees' Provident Fund. However this trend has now been reversed.
According to the latest statements received for 1997, the ETF paid interest at 10% whereas during the same year the EPF paid 12.75%.
In the previous year ETF paid interest at 13.5% per annum.
It is well known that both these funds are major players in the stock market.
The members of these funds have no right to ask any questions regarding the basis on which their contributions are invested. They have to be satisfied with whatever interest is paid on the balances lying in their account.
The general belief is that the ETF has lost heavily in the recent past on the investments made in the stock market and it has become necessary to reduce the interest paid to members.
It is common to find quoted companies in which ETF and EPF have invested large sums of money, being involved in activities detrimental to the shareholders.
However, there has never been an instance where either the ETF or EPF has taken action against such companies.
The attitude of the managers of these funds seems to be, "Why worry, we are not accountable to the members?"
It is reported that there had been a relaxation of rules and the EPF and ETF are thereby free to invest more funds in the stock market.
All for the sake of creating a vibrant stock market.
But then, this is bad news for the members of these funds. The members are aware that if these investments yield high returns they stand to gain. But this has not been the case upto now.
During the period 1994 to 1998 some quoted companies fleeced investors by issuing shares at high premiums, on false representations. Most of these companies never used the funds for the purposes indicated in the offer documents. But the regulatory bodies do not take them to task.
This method of conducting business seems to be acceptable to regulatory bodies and all concerned. This is the sorry state of our stock market. The press gives enough and more publicity to encourage investments in the stock market.
Unfortunately very little publicity is given regarding the risks involved if the wrong investment is selected.
In an era when there is much being said about good corporate governance and accountability, the members of these funds will appreciate if the annual accounts prepared by the funds are also made available to the members.
If this is done, then members could be permitted to express their views to the fund managers on how best to invest their hard-earned savings.
According to a senior official of the Ministry of Public Administration, a Public Service Pensioners' Trust Fund will be set up soon to provide more social benefits for pensioners.
Obviously this fund will not cater to senior citizens from the private sector who contribute immensely to the development of the economy, propelling the engine of growth until retirement.
God help the aged, if the interest rates of ETF and EPF were to come down further.
With the current inflation rate these savings when withdrawn may not last long.
Therefore, pensioners can only pray that they die before their savings evaporate.
Ageing ETF Member
Nugegoda
More smiles please
As visitors to Sri Lanka, stepping on to the isle of paradise, that invites us through tourist magazines and state propaganda, we first come across the faces of Sri Lankan immigration officials. If Sri Lanka boasts of "warm friendly people" the sight of these officials is a far cry from anything warm or friendly.
As a regular visitor receiving the same welcome by these officials, I have got immunized to their blank faces. But for a country striving to expand its tourist industry, a smile across their stolid faces will not cost much. It takes only the movement of a few facial muscles.
Sri Lanka is certainly a warm and friendly country. The kindness and generosity of the people speak volumes. These minor hiccups should be taken care of to ensure a warm greeting to every person entering through immigration, be it a tourist or a Sri Lankan.
More smiles please!
S.Vive
England
Wake up and save them
If you ask parents what their best asset is, I am sure they will affirm that it is their children.
That means we have to find ways and means to protect our children more than anything else. But are we ready for that as parents?
The international community is spending enormous amounts of money and resources on children because they are the future. It is essential that we have a generation of healthy children to meet the challenges of the future.
New laws and policies have been introduced worldwide. The media are playing a praiseworthy part by making people aware of the issue and new trends. So in other words all these good men and women are trying to do their best for our children. Is it correct for us to leave everything to them, sit back and relax?
It is sad to hear of incidents which could have been prevented with a little more care, thought or co-ordination. It is worse when you hear of children being molested and even murdered.
It is even worse when it is committed by a known person like the school van driver, relative, neighbour or one of your most trusted teachers. It violates all trust and love. If these innocent children survive, what can we expect from them?
It is also sad to hear that sometimes parents, through sheer ignorance, violate their own children's rights.
Enough is being done to educate us but if we sit back nothing will happen. We need to do more and also make others aware of what is crucial to the future of our children.
Rasmi Hamid
Moratuwa.
Coal is the only option
The need for a coal power plant at Kalpitiya is once again being highlighted due to the petroleum prices increasing and the drought expected in the catchment areas.
This situation should have been foreseen by the authorities and preventive steps taken.
But unfortunately the C.E.B. and the Ministry of Power cowed down to the environmentalists and the Catholic Church to stop the project.
Many developed countries use coal with minimum harm to the environment. How is it that in Sri Lanka a few groups hold the country to ransom on an important issue like this?
Our politicians should realize the situation and be aware that we do not have an option beyond coal.
G. S. Hemaratne
Nugegoda
The Cuban chalk circle
I have watched with mounting anger the tragic tussle over the Cuban child Elian Gonzalez and welcome the decision of US Attorney General Janet Reno—the prevailing of American justice over American foreign policy (vis-a-vis Cuba) and the Cuban exiles hysteria.
Miami Cubans- Elian's extended family, at least may believe they have his best interests at heart. Perhaps he would be better off, in many ways, if he stayed in the US. But I cannot accept that their wishes should prevail over those of his natural father, except, possibly, if the latter has been proved to be a bad father. There has been no evidence of this. But that is still no reason why Elian should not return to his place of birth until he is of an age to make up his own mind.
There are some who say that he should be allowed to decide, now where he wants to be – a-six-year-old child, who has been brainwashed with sweets and toys and Disneyland for several months and cossetted by doting relatives who are working out their own hatred of Castro's Cuba! Did his mother ask him whether he wanted to leave Cuba, in the first place?
True, Cuba is a poor country, with so many problems and frustrations for its people, but we can hardly forget that much of this is the result of US foreign policy, the economic and cultural blockade it has imposed. Lift the blockade. Cuba has not "fallen" even after all these years. Why should the Cuban people continue to suffer because great powers have problems with their leadership or ideology?
The American system of justice seems to have triumphed but is still being assailed. One wonders whether this child will be torn to pieces in the contest.
I am reminded of Brecht's Caucasian Chalk Circle which I first saw in the '50s in Peradeniya University. My little sister, Leela, was placed in the circle and the contesting mothers-Nanditha Sarathchandra (daughter of the dramatist) and Maureen Elhart (now wife of Ambassador Jayantha Dhanapala)-each took a hand to pull her to their side. The judge, as we know, gave the child to the mother who could not bring herself to pull the child she bore and loved.
I have a good idea what would happen if the same test were used in the case of Elian Gonzalez.
M. Fonseka
Dehiwela
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