Higher interest rate investment for senior citizens

by Ananda KANNANGARA

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The Labour Relations and Manpower Ministry called upon employees over 55 years in the private sector to invest their Employees Provident Fund (EPF) money in Government Treasury Bills on a higher interest rate of 20.9 per cent.

The new scheme which came into effect on Saturday was formulated by the Labour Ministry in collaboration with the Central Bank of Sri Lanka for the benefit of employees over 55 years in the private sector. "The 20.9 per cent interest rate which will be given only to senior citizens is 10 per cent higher than the normal interest paid by the Central Bank on Treasury Bills," Labour Minister Athauda Seneviratne said. He said the objective in initiating such a scheme is to prevent public from falling prey to bogus financial companies in the country.

It is said the licences of all private finance companies which were not registered under the Central Bank have been cancelled following a decision taken by the government recently.

The Minister said under the scheme a person could purchase Treasury Bills to the value of minimum Rs. 100,000.