December 24, Colombo (LNW): The Ministry of Finance, Planning and Economic Development has issued a new circular outlining the framework for the payment of bonuses to employees of State Corporations, Statutory Boards, and State-Owned Enterprises for the year 2024.
The circular, released on the 23rd of December by Treasury Secretary Mahinda Siriwardena, has been circulated to all Ministry Secretaries and the Chairpersons of the respective institutions, providing clear guidance on how the bonuses should be managed.
The document sets out the criteria for the bonus allocation, stating that employees working for institutions which contributed at least 30% of their profits after tax to the Consolidated Fund in 2023—either as dividends or levies—will be eligible for a bonus.
The bonus amounts are tiered, with eligible employees set to receive either Rs. 25,000 or Rs. 20,000, depending on the institution’s financial performance.
In addition to the bonus amounts, the circular also provides detailed instructions on how the bonuses should be processed.
However, it is important to note that the Treasury has clarified that it will not be providing direct funding for these bonus payments.
Instead, institutions will need to cover the cost from their own financial resources.
Furthermore, the circular specifies that in cases where there are complications or disagreements concerning the payment of bonuses, approval must be sought from the Cabinet before proceeding with any disbursements.
This step ensures that the process remains in line with governmental oversight and budgetary constraints.
This directive highlights the government’s continued efforts to incentivise performance in the public sector, linking bonus payments to financial contributions to the national fund while maintaining control over public expenditure.
The move is expected to provide clarity for both state employees and the institutions involved as they prepare to implement the bonus scheme for the coming year.
