(FT) Govt. spreads Christmas cheer with SOE bonuses

• Loss-making SOEs also entitled to bonuses but Fin. Min. outlines plans to increase productivity in 2018

The Finance Ministry yesterday announced bonuses for all State-Owned Enterprises (SOEs) allocating allowances between Rs. 15,000 and Rs. 3,000 in four categories for all public employees.

The Treasury released the relevant circular on 11 December after Cabinet approval, the Finance Ministry said in a statement. State-owned corporations that had made profits in 2017 were allocated Rs. 15,000 as festive allocations while entities that were unable to convert their losses into profits had their allocation increased from Rs. 3,000 to Rs. 5,000.

“These allocations are only for public corporations that do not have a prearranged bonus system or have signed collective agreements with the Government. These will be given the agreed bonuses, which would include at least a two-month salary as a bonus,” the statement said.

However, the Finance Ministry noted that it was working to increase productivity in the state sector and reiterated that it would induce 10 more State enterprises to sign Statements of Corporate Intent (SCIs) in 2018.

Large SOEs such as the Ceylon Electricity Board (CEB) and Ceylon Petroleum Corporation (CPC) signed SCIs in 2017. The 10 new signatories will include the Urban Development Authority (UDA), Milco, National Livestock Development Board, Lak Sathosa, Lankaputhra Bank, State Engineering Corporation, State Pharmaceutical Corporation and Sri Lanka Transport Board.

Source: Daily FT

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