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Social Impact after increase of interest for Senior Citizens
Most senior citizens above the age of 60 years must be gleefully awaiting the new legislation to avail themselves of the benefit afforded in the Mini Budget. As stated, the interest rates paid today are in the range of 7 - 9 percent p.a. On fixed deposits in a reputed finance institution.
The increase of the interest rates to a minimum of 15% p.a. For a maximum of LKR. 1 million is appreciated. The pensioners that I have personally spoken to are eagerly looking forward to this benefit. At least apart from the pension increase of Rs.2500/- and Rs. 1000/- respectively, this interest component will substantially increase their earnings and defray their high cost of living expenses, especially medical.
Now come the social impact.
We also know that not all people earn a pension and certainly most elderly have absolutely no means of income after 60. Some have never ever worked.
So that leaves quite a population of elderly over 60 with no benefit it at all after this increase in the rates of interest on fixed deposits.
What are some of the social changes that will take place?
The only way to get this benefit is for the children of these senior citizens to open up fixed deposits under the name of their parents or in-laws and place their own names as beneficiaries. So in the event the parents or in-laws do have to die their monies will be safe.
Now comes the best part!
You will find that the younger population who are unmarried or married having better relationships with their parents and in-laws. I find it very amusing to see how far thinking decisions The two RR's are making in favour of the most neglected population viz. The elderly.
So my advice to all you younger generation, ensure that your parents and in-laws are closer to you as to that extent one can make a buck.
Most senior citizens above the age of 60 years must be gleefully awaiting the new legislation to avail themselves of the benefit afforded in the Mini Budget. As stated, the interest rates paid today are in the range of 7 - 9 percent p.a. On fixed deposits in a reputed finance institution.
The increase of the interest rates to a minimum of 15% p.a. For a maximum of LKR. 1 million is appreciated. The pensioners that I have personally spoken to are eagerly looking forward to this benefit. At least apart from the pension increase of Rs.2500/- and Rs. 1000/- respectively, this interest component will substantially increase their earnings and defray their high cost of living expenses, especially medical.
Now come the social impact.
We also know that not all people earn a pension and certainly most elderly have absolutely no means of income after 60. Some have never ever worked.
So that leaves quite a population of elderly over 60 with no benefit it at all after this increase in the rates of interest on fixed deposits.
What are some of the social changes that will take place?
The only way to get this benefit is for the children of these senior citizens to open up fixed deposits under the name of their parents or in-laws and place their own names as beneficiaries. So in the event the parents or in-laws do have to die their monies will be safe.
Now comes the best part!
You will find that the younger population who are unmarried or married having better relationships with their parents and in-laws. I find it very amusing to see how far thinking decisions The two RR's are making in favour of the most neglected population viz. The elderly.
So my advice to all you younger generation, ensure that your parents and in-laws are closer to you as to that extent one can make a buck.
