News
Bonus for state employees
Amidst speculation of a presidential or parliamentary election next year, employees of state corporations and companies fully owned by the Government will receive a year-end bonus ranging from Rs. 2,500 to Rs. 12,500. A decision to make such payments until a permanent scheme is formulated has been approved by the Cabinet on a recommendation made by President Mahinda Rajapaksa. He is also the Minister of Finance and Planning.
Employees of public corporations and fully Government-owned companies which had registered profits in the relevant financial year, will be given Rs. 12,500, if they receive no other incentives. For those who receive such incentives, payments will average between Rs. 9,375 and Rs. 9,500 depending on the attendance and performance. Employees of those enterprises which have made profits lower than the previous year will be entitled to Rs. 2,500.
In the case of public corporations and companies owned wholly by the state and making losses, as is the practice now, employees will be paid a flat amount of Rs 1,000. Government sources said yesterday President Rajapaksa who presents his budget on November 21 would announce other relief measures for state sector employees who are not in corporations or Government-owned companies.
President Rajapaksa has told ministers that the payment of bonus was a measure to encourage productivity. He said that the current scheme would be in operation until a permanent methodology was evolved by the Salaries and Cadre Commission.
A Finance Ministry official said these bonus payments would not be on funds made available by the Treasury. They will be on profits generated by the ventures.