Senior citizens living on EPF deposits ignored in budget
During the recent budget, it was mentioned that the allowance for pensioners would be increased.
It was also stated that the cost of living allowance for government employees would be increased by Rs. 1200 from January 2014 and a proposal to increase the educational allowance of university lecturers by 5 per cent would be presented. In addition another proposal is to increase the funding provided to Buddhist monks studying in pirivenas by 15 percent per day and for lay students studying in Pirivenas by Rs. 5 per day.
Further it was proposed to increase the uniform concession for supplementary nurses and paramedics from Rs. 500 to Rs.1500 and to increase their monthly allowance by Rs. 250.
During the 2014 budget it was also proposed to abolish the local government tax for entrepreneurs who are earning less than Rs. 50,000 annually.
Another proposal was made to female entrepreneurs with interest free loans up to Rs. 250,000.
A pension scheme for farmers over 63 years of age would be initiated from January 2014 with a minimum amount of Rs.1200.
The government has also requested from the private sector employers to increase the salaries of those who are already engaged in service in that sector.
It was mentioned in the newspapers that the government had stated this particular budget would consider increasing income of all the people belonging to different sectors in the society.
I wish to highlight the point that the majority of the people in the society who had contributed their service to this nation are not beneficiaries of pensions but who had contributed to the EPF. Thus after retiring from their service they invest the meagre amount which they receive as EPF. Interest on deposits has drastically dropped to an appalling 6 per cent currently.
Could anyone in the government enlighten me how people in their old age where they need more money to meet with their medical expenditure afford it with this meagre amount? Has the President given any thought to the senior citizens in this country? Haven’t these people worked for the country?
I am writing this letter hoping to draw the attention of the President, on behalf of all the senior citizens who depend on their income from deposits of their EPF.
Manjari Peiris
Maharagama