15% interest rate scheme discriminatory
I am a senior citizen, 75 years old who had been employed in a state corporation. Corporation employees are not pensioners and are only entitled to EPF and ETF. With salaries in the 1960s, ‘70s, ‘80s and the ‘90s being low compared with today’s salaries, the total contributions at retirement were very little. However since I saved prudently and lived a simple, frugal life I was able to manage my finances with the monthly interest I derived from my fixed deposit investments in a finance company. Since the beginning of 2013 however the interest rates have been steadily declining and my wife and I had to cut down a lot of expenses on food in order to survive as our medical bills also started mounting due to the high cost of medicine.
Thus I was relieved to learn about the recent budget proposal on the 15 per cent interest for senior citizens and went to the bank to open a new fixed deposit. However the bank informed me that I was not eligible as I didn’t have a fixed deposit with them prior to January 31, 2015. This is very, very unfair. Why are senior citizens, who do not have any fixed deposit prior to this particular date, subject to this discrimination whereas senior citizens who had an account are eligible?
Senior citizen
Colombo