Last week, the Government revised interest rates to a minimum of 8 per cent and maximum of 10 per cent. This move brought joy to the industry but not to those who depend on interest income from legitimate sources, such as banks.
There are thousands of senior citizens, retired men and women, who depend on interest income for their livelihood, to cover their daily and annual expenditure. The revised interest figures have come as a great shock to us. It is like a financial tsunami.These people have slaved all their lives and put their money in legitimate financial institutions, and this is what they get. To whom can they go now?
How can senior citizens be expected to meet their drugs, food and housing expenses when they get less than 8 per cent on their savings? Even the fixed deposit rates have been brought down to around 12 per cent.
The rate of increase in the number of elderly people in the country is going up steadily, and we must heed their voice.
Where are the social service organisations that can come to our rescue and speak on our behalf to the government? Why isn’t someone in the bureaucracy advising about the spate of injustices being done to our senior citizens?
This matter has to be sorted out without delay. The senior citizens cannot be made to wait indefinitely. We fervently hope some serious-minded civic organisation will take up the issue of behalf on the country’s thousands of elder citizens.
Joseph Moraes, Negombo |
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