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Nine percent interest per annum up to 2026 for ETF members reasonable

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-State Minister of Finance

by PRIYAN DE SILVA

State Minister of Finance, Ranjith Siyambalapitiya says the interest rate of 9% per annum the Employees Trust Fund has guaranteed for its members until 2026 is reasonable; the Central Bank may reduce interest rates further.

Siyambalapitiya said that the interest rates offered by the ETF were 9% in 2018, 8% in 2019 and 2020, 7.25% in 2021 and 8.25% in 2022

The minister said so at the launch of the Nipunatha Saviya scholarship scheme held at the Department of Labour auditorium on Tuesday (19).

Under the new scheme, children of ETF members who sat the GCE A/L) examination in 2022 are eligible to apply for Rs 25,000 to follow one of the 54 courses recommended by the ETF Board.

The courses have been recommended by the ETF Board based on a study of the present local and foreign skilled labour requirement.

The State Minister pointed out that of the 260,000 to 300,000 students who sat the GCE A/L examination each year, only about 40,000 gained university admission and even those who graduated from universities found it difficult to secure suitable employment.

The state minister said that in addition to employees of any state or private sector organisation, self-employed persons and migrant workers could contribute to the Fund on their own and obtain membership.

The Employees’ Trust Fund was established on 1st March 1981 under the provisions of ETF Act No. 46 of 1980. The fund is administered by the Employees’ Trust Fund Board and at present the ETF Board is under the purview of the Ministry of Finance, Economic Stabilization & National Policies.



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PSTA worse than PTA: FSP

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The Frontline Socialist Party (FSP) yesterday accused the government of seeking to use the proposed Protection of the State from Terrorism Act (PSTA) to suppress popular political activity, claiming that some of its provisions were more repressive than those of the Prevention of Terrorism Act (PTA).

FSP Education Secretary Pubudu Jayagoda told a media briefing, in Nugegoda, that the definition of terrorism in the Bill was so broad that it could be used to label almost any form of popular political activity as terrorism.

He said the Bill’s approach to defining terrorism was based largely on attempts to compel a government, or an international organisation, to do, or refrain from doing something, rather than on internationally recognised criteria, such as killings, causing serious bodily harm, kidnapping or acts intended to spread terror among the public.

Jayagoda also alleged that the Bill transferred substantial powers from the judiciary to the executive, while extending powers of arrest, investigation and detention to the armed forces, in addition to the police.

He claimed that the government had sought to portray the Bill as a replacement for the PTA while retaining or introducing provisions that could facilitate political victimisation and repression.

The FSP also questioned the government’s decision to proceed with the Bill, despite having previously sought public views on an earlier draft.

Jayagoda said a draft had been published earlier this year, with the period for public submissions ending on February 28, but the Bill subsequently gazetted was essentially the same draft with some provisions rearranged.

Jayagoda also referred to a letter reportedly sent by Attorney-at-Law Saliya Peiris, a member of a Committee, chaired by President’s Counsel Rienzie Arsecularatne, that had been appointed to draft the legislation. He said Peiris had stated, in the October 06 letter, that changes had been made to the draft prepared by the Committee.

“This means that even the Committee, appointed to prepare the Bill, was a deception,” Jayagoda alleged.

He said that the PSTA was fundamentally similar to the Anti-Terrorism Bill introduced by the previous government, in 2023, which the National People’s Power (NPP) opposed and challenged in court.

“If the NPP opposed that Bill then and is now bringing the same legislation before Parliament, the government must explain its position,” he said.

Jayagoda called on NPP MPs to oppose the PSTA in Parliament and urged trade unions and other groups to build a broad public movement against the legislation.

He challenged the government to an open debate on the Bill.

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Shiranthi R remanded until 13 Oct.

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Former First Lady Shiranthi Rajapaksa was yesterday remanded until 13 October after being produced before the Colombo Magistrate’s Court following her arrest by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC).

Shiranthi, wife of former President Mahinda Rajapaksa, was arrested at her residence on Poorwarama Road, Kirulapone, after CIABOC officers recorded a statement from her for nearly two hours.

According to the CIABOC, the arrest was made over allegations that Rs. 10 million obtained from the National Savings Bank through the Siriliya Saviya organisation was misappropriated.

The money was allegedly obtained to provide a Computed Tomography (CT) scanner to the children’s hospital. Investigators allege that the scanner was not provided and that the funds were instead unlawfully used.

CIABOC is investigating alleged offences under the Public Property Act and corruption-related provisions in connection with the transaction and other financial activities involving Siriliya Saviya, which was headed by Rajapaksa.

Rajapaksa returned to Sri Lanka on Monday night on a flight from Malaysia after travelling overseas for medical treatment. She left for Singapore on 16 September after being admitted to a private hospital in Colombo on 15 September following an illness.

She had been due to appear before the Financial Crimes Investigation Division (FCID) on 13 October in connection with its investigation into the financial affairs of Siriliya Saviya.

Meanwhile, her lawyers filed an anticipatory bail application before the Maligakanda Magistrate’s Court on Monday, seeking an order preventing her arrest in connection with the FCID investigation.

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Former NSB Chairman Kariyawasam granted bail

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Former National Savings Bank (NSB) Chairman Pradeep Kariyawasam was yesterday granted bail by the Colombo Magistrate’s Court following his arrest by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC).

Kariyawasam, husband of former Chief Justice Shirani Bandaranayake, was arrested in connection with the Bribery Commission’s investigation into the ‘Siriliya Saviya’ account linked to former First Lady Shiranthi Rajapaksa.

The investigation concerns financial activities involving the Siriliya Saviya initiative, which was headed by Rajapaksa, wife of former President Mahinda Rajapaksa.

CIABOC is continuing investigations into the alleged financial irregularities relating to the account.

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