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Finance Ministry issues circular laying out proposed bonus payment scheme
View(s):The Finance Ministry has approved the payment of performance-based bonuses to staff of commercial corporations, statutory boards and government owned companies for 2025.
Finance Ministry secretary Harshana Suriyapperuma has issued the relevant circular laying out the proposed bonus payment scheme.
For employees of institutions which earned profits during the 2024 financial year and paid at least 30% of the profit after tax to the Consolidated Fund as a dividend or levy will be paid Rs. 30,000 as bonus. The same amount will also be paid to employees of commercial corporations, statutory boards and government owned companies which do not pay an incentive based on attendance, performance or any other form of incentive except under an incentive scheme approved by the Cabinet and the Treasury.
A Rs.25,000 bonus will be paid to employees of those entities that made profits during the financial year 2024 but paid less than 30% of the profit after tax to the Consolidated Fund as well as employees of any entity that does not make incentive payments.
The Board of Directors of the concerned entities can revise the bonus payment amount to a lower rate if they identify that such a payment will have an adverse impact on future financial/corporate activities of the concerned institution.
The funds for the bonus payments will not be provided by the Treasury, the circular said.
The circular will not apply to entities that pay salaries/allowances under collective agreements or similar memoranda of understanding.
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