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, stating that its removal has left elderly citizens struggling to afford basic living expenses.
Speaking at a press conference on Tuesday (6) in Colombo, the group criticized the government for failing to fulfill its pre-election promise to support retirees. They emphasized that healthcare, food, and other essential costs have become unaffordable due to reduced interest earnings on savings.
Concerns Over Tax Increases
The collective also condemned the government’s tax policies, particularly the decision to double the Withholding Tax on savings interest from 5% to 10%. They argued that while ordinary citizens are burdened with higher taxes, large corporations have not faced similar tax hikes.
Call for Government Dialogue
Despite repeated requests for discussions with the Ministry of Finance, the group stated that they have not been granted a meeting to address their concerns. They insisted that the 15% interest rate on fixed deposits should be restored immediately, as it was in place before the economic crisis.
Press Conference Attendees
The event, held at the Lions Club in Colombo, was attended by:
- Dayapala Thiranagama
- Melani Gunathilaka
- Rachel Perera
- Ananda Sisira Kumara
- Janaki Senavirathna
- Attorney-at-Law Nuwan Bopage
Speaking on behalf of Sri Lanka’s senior citizens, they urged the government to prioritize the welfare of retirees and provide financial stability for the aging population.
