Several letters have been published in the Sunday Business Times, with regard to the plight of the Senior Citizens who are undergoing immense hardship due to the drastic reduction of interest on their Fixed Deposits/Savings, which is the only source of icome for them. The interests have been halved while the cost of living has [...]

The Sunday Times Sri Lanka

Plight of interest-earning senior citizens

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Several letters have been published in the Sunday Business Times, with regard to the plight of the Senior Citizens who are undergoing immense hardship due to the drastic reduction of interest on their Fixed Deposits/Savings, which is the only source of icome for them.

The interests have been halved while the cost of living has doubled. The elders find it impossible to live. Various ailments for which they need drugs are beyond their reach. Invariably they face a Hobson Choice, whether to buy food or medicines. Unfortunately, one without the other serves no purpose.

Hence, if they have to live with their basic needs and dignity, it is imperative, that the Government view their plight sympathetically and increase the interest rates to at least 12 per cent. Almost all the banks, according to their published annual reports, seem to be doing well. They talk in terms of billions. Merely giving a discount of 5 to 10 per cent on the hospital bills for seniors will not serve any purpose.

It will only psychologically encourage the seniors to enter hospitals sometimes with ‘imaginary’ illness through fear and end up poorer in health and wealth, while the hospitals become richer. The best way will be to avoid being hospitalised.

K. Anaga
Colombo

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