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| Saturday, 1 May 2004 |
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May Day housing bonanza for workers by Daya Somasiri Following discussions Labour Relations and Employment Minister Athauda Seneviratne had with President Chandrika Bandaranaike Kumaratunga, the Government has decided to grant housing loans at four per cent interest to approximately 6.5 million workers from the Employees' Provident Fund. The Minister explaining difficulties the working population has to undergo to raise housing loans from commercial banks, said his long years of involvement in labour union activities made him realise the pains taken by workers to build a house. This prompted him to take the initiative to grant this relief. A State bank or a commercial bank charges an interest of 16 to 18 per cent per annum to grant a housing loan and that too after lengthy procedures involving much paper work, the Minister explained. These are procedures beyond the reach of an ordinary working class house builder, he said. The extent and limitations of granting the proposed housing loans will be decided at the discussion scheduled for next week. In addition to granting loans on easy terms from the EPF, the Minister is contemplating a plan to secure an ex-gratia payment equal to 24 months' salary to employees who lose employment due to the closure of their working institutions. |
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