Senior Citizens urge Govt to Restore 15% Fixed Deposit Interest Rate
The Collective for Senior Citizens held a press conference Tuesday, calling on the government to reinstate the 15% interest rate on fixed deposits of up to Rs. 1.5 million for senior citizens.
The group said the government has failed to honor its pre-election promise, leaving elderly citizens struggling to cover basic living expenses, including healthcare costs.
Speakers at the event criticized the government’s tax policies, saying they place a significant financial burden on ordinary citizens while large corporations have not faced similar tax increases. They also raised concerns over the government’s decision to double the Withholding Tax on savings interest from 5% to 10%, arguing it has worsened economic hardships for retirees.
The group said the reduction in interest earnings has made it difficult for seniors to afford essential expenses such as food and medication They urged the government to restore the 15% fixed deposit interest rate, which was in place before the economic crisis.
Despite requesting a meeting with the Ministry of Finance, the collective said they have not been granted an opportunity for dialogue.
The press conference, held at the Lions Club in Colombo, was attended by Dayapala Thiranagama, Melani Gunathilaka, Rachel Perera, Ananda Sisira Kumara, Janaki Senavirathna, and Attorney-at-Law Nuwan Bopage, who spoke on behalf of Sri Lanka’s senior citizen community.
2025-03-04
