The Collective for Senior Citizens has urged the government to reinstate the 15% interest rate on fixed deposits of up to Rs. 1.5 million, citing severe financial hardships faced by elderly citizens.
At a press conference held on Tuesday at the Lions Club in Colombo, representatives of the group accused the government of failing to honor its pre-election promise, leaving seniors struggling to cover basic living expenses, including healthcare costs.
Concerns Over Tax Policies and Savings Interest
Speakers at the event criticized the government’s tax policies, arguing they disproportionately burden ordinary citizens while large corporations have not been subjected to similar tax increases. They also condemned the decision to double the Withholding Tax on savings interest from 5% to 10%, saying this move has further worsened the economic struggles of retirees.
“The reduction in interest earnings has made it increasingly difficult for seniors to afford food, medication, and other essential expenses,” the group stated. They demanded the immediate reinstatement of the 15% fixed deposit interest rate, which was in place before the economic crisis.
Call for Dialogue with the Government
Despite formally requesting a meeting with the Ministry of Finance, the group said they have not been granted an opportunity for discussions.
The press conference 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.
