Promising relief for all sectors and sections of Sri Lankan society, President Mahinda Rajapaksa has said that the budget for the year 2015 will aim to create an innovative, knowledge-based and self-reliant advanced economy.
According to the Lanka Page web site, the 2015 budget has proposed many concessions, including pay hikes for all sectors. To accommodate the proposed pay hikes a news salary structure will be introduced for the public sector from January.
All special allowances currently being paid to the public will be added to the basic salary and the minimum salary of public workers will be increased up to Rs. 15,000. Cost of living allowance will be increased by Rs. 2,200 rupees.
Casual and temporary employees who have completed 180 days service in Corporations and Statutory Boards will be made permanent.
The President proposes to increase the minimum salary of the private sector up to 10,000 rupees. Their monthly salary will be increased by 500 rupees. Employers' contribution to employees' provident funds will be raised from the current 12 percent of pay to 14 percent.
Interest rates of the savings of senior citizens in State Banks will be increased up to 12 percent. The tax on interest will be removed. The value-added tax will be reduced to 11 percent from 12 percent.
More From This Section
The 2015 budget promised farmers free seeds for growing rice next season and a 17.6 percent increase in guaranteed price for their paddy. The certified price for a kilo of paddy will be increased up to Rs.40 while continuing to provide fertilizer at the subsidized price of Rs. 350 per 50 kg bag. Fertilizer for other crops will be given at Rs. 1,250 per 50 kg bag. A certified price will be announced for potatoes, big onion, and maize.
The budget proposed relief in every sector including plantation, education, health, and transportation.
The President asked all sectors of the society to extend their utmost support to successfully implement the budget proposals.
