Nilan Thursday, 29 June 2023 11:28 AM
would not be touched until next election
Be Fair Thursday, 29 June 2023 11:35 AM
EPF can be the biggest superannuation fund in South Asia. But badly managed, when interest rates were soaring at 24% in 2022, we were paid only 9%. At least a 12-15% would have been acceptable
Governor speaks of 56 depositors like there are 56 million citizens here Thursday, 29 June 2023 07:55 PM
You and I, and a million other are being harmed by this. With interest capped at 9%, and when inflation is 20% the real buying power of funds in the EPF will start losing at 11% a year. This a scam! Government should cut it’s expenses drastically and honour all local debt commitments. SLPP and UNP has no hope for the future with this defilement of earning capacity of EPF.
Ranjith Perera Thursday, 29 June 2023 01:34 PM
Real value of EPF and ETF have declined by a large sum since the beginning of this crisis in relation to purchasing power parity as reflected in rupee value against dollar being depreciated. It is also known fact that very large sum in all possible ways negative returns on these funds last year. What public wants to know what is promised in bills to be replaced with existing ones with the promised of 9% will compensate adequately to have positive returns in coming years or forecasted exit yields cover losses that members of this funds have so far endured. Both politicians and top bureaucrats must realize that these are most of these contributors life savings made through jointly both employers and employees contributions not public funded pensions schemes largely. Public is awaiting the truth of real value of their savings and returns not nominal .Both politicians and bureaucrats are held responsible for final outcome .
politicians and officials would hope public has no backbone and accept the defilement Thursday, 29 June 2023 08:36 PM
The politicians and their bureaucrats definitely know well about what the future holds with the weakening of growth of the EPF. They also make calculation that no one will bring up the matter in politics and make a fuss. Any party who says they will reverse this for the sake of the future of the people can do better than the SLPP and UNP.
Sivalingam Thursday, 29 June 2023 01:43 PM
Nandalal was Arjuna Mahendran’s deputy in 2015.
Kabir Hashim Thursday, 29 June 2023 01:44 PM
Nandalal is another Cabraal.
SENIOR CITIZEN Thursday, 29 June 2023 01:51 PM
We senior citizens are suffering with the present rate of interest for us old folk at home .. Please help us live q dignified life in our old age. No one to help us and no one to borrow from … Only God
Dee Thursday, 29 June 2023 02:59 PM
Like the pavement hawker complaining about taxes and increase prices, those mostly commenting about debt restructuring and loss of interest are those with a few hundred thousand in deposits. The politicians who instigate them are having a good laugh. Yet to find anyone who could clearly explain the so called bond scam!
Thomas Thursday, 29 June 2023 04:01 PM
It seems like, Nandalal is now the acting President.. Correct? Remember, he is the man whom Hora Gota appointed.
Kumara Ilangasinghe Thursday, 29 June 2023 06:54 PM
Interest rates of NRFC Accounts of Srilankans have been slashed with immediate effect. So what rubbish is the CB Governor saying? There will be a drop in the incoming forex remittances.
Middle East returnee Thursday, 29 June 2023 07:40 PM
@ Senior Citizen! Even those who worked in the Middle East for years have nothing after fulfilling their commitments. Especially female domestic workers.They brought only chronic illness such, as diabetics blood pressure and colestrol. They sent thousands of dollars foreign exchange to the country. Now they are reduced to depend on others for survival. What a pity. Government should consider to pay a certain amount to them.
EPF not touched just fed so meagerly it will get weaker Thursday, 29 June 2023 07:52 PM
The weasel words of the governor are to be expected. He is just another Gota appointee. There would’ve been plenty of other more suitable than him, but he was willing to pander to the politics more – similar to how Mahendran got the job, and Cabraal too. Anyway, when the interest rates are capped at 9% the EPF will have negative growth compared inflation. Such that money in EPF loses value, compared to outside accounts having better interest. Public is being harmed by this. Cutting costs of government and paying debts in full without these shenanigans is the only proper thing to do. Let the governor and all whom he supports with his income or status (that is family member being elevated by nepotism) be cursed for the wickedness they do unto us.
Summa Thursday, 29 June 2023 08:47 PM
Agreed 100%. Interest rates are reduced on maturity and then interests received on the old rate is taxed. Very sad.
Ranjith Thursday, 29 June 2023 09:39 PM
Foreign debts $41 billion and domestic debts $42 billion what happened to these borrowings lot of money if these funds were used intelligently we could have easily avoided current situation faced by the country no DDR or FDR