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| Tuesday, 6 July 2004 |
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Letters | |
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Insurance cover for Fixed Deposits Some years ago several finance companies crashed leaving the people who trusted them and invested their money in such companies in dire situations. Some investors even committed suicide; others, mainly the retirees who drew interest on a monthly basis for their survival faced a cruel fate or perished without bare necessities since they lost their only means of livelihood. The Central Bank intervened; but did very little to rescue the victims. Even after 18 years victims of such finance companies who managed to survive are still awaiting some relief even though the value of money has gone down by more than ten times in the meantime. Recently, a bank which had accepted millions from investors also crashed in the same manner right under the nose of the Central Bank. A large number of our people who have worked in Government corporations and private companies, and retired have no pensions or any other means of income other than what they earn as interest on their Provident Fund/ETF and Gratuity which they have placed in banks and finance companies as fixed deposits. Most of these people who devoted the best years of their lives in the service of the Nation in whatever the field they had chosen and are in the last lap of their lives have to pay for their food, shelter and medicine with a meager income. In certain cases their misery is further aggravated by their married children who are unemployed and depend on their retired father or mother for their daily bread. (By the way, a pension scheme for corporation and company employees who are not covered, has been under consideration for about 15 years!) The average employee of the above category after some 30 yrs of service gets about Rs. 600,000 as his terminal benefits. If he is prudent, he may place these funds in a bank as a fixed deposit earning monthly interest. During the past two years the interest rates paid by banks have come down rapidly from about 16 per cent to 8 per cent thereby reducing the monthly income of such people drastically at a time when the cost of living is spiraling. On a fixed deposit of Rs. 600,000 an investor gets about Rs. 4,000 a month today which is barely sufficient to keep the body and soul together even for one person. Even though the finance companies offer higher interest rates than the NSB or commercial banks on fixed deposits most investors shun even good finance companies because of the bitter experience they encountered in the past with some finance companies. One has to think hard when his survival depends on his decision. This situation could be remedied if some reliable insurance company offers to provide insurance cover for fixed deposits placed by investors in finance companies (or even in banks) as prevailing in some other countries. The option to join such a scheme should be with the investor and the premium could be around 1 per cent per annum of the sum deposited which could be collected by the finance company and remitted to the insurance company. Such an insurance scheme will undoubtedly benefit the investor, the finance company and the insurance company involved. Above all, it will result in peace of mind for the doubtful investor and ensure some measure of stability to the financial market. In this country we have several groups of companies which have finance companies as well as insurance companies under their wing. Such a group could launch a scheme as suggested covering the finance companies in their group in the first instance and extend to others if found successful. After all, Insurance is all about providing cover for uncertainty. K. M. GUNARATNE - Laxapathiya. For over two years environmentalists have been critical of the Upper Kotmale Hydro Project (UKHP). They have stated that nine of the waterfalls which include St. Clairs, Devon Oya, Puna Oya, Ramboda Oya, St. Andrews and the two Ramboda falls will be affected. It is quite clear to anyone that the environmentalists have not been motivated by political or other considerations. Because they have been steadfast in their concern and have said so during the UNF Government and now under Alliance too. This alone is sufficient reason to abandon this project. There is enough past experience to show that depending on monsoon rains and embarking on major projects for water is not a wise move. Take for example the Victoria project. A new bridge was built about 17 feet higher than the one that existed at Tennekumbura, fearing the danger of flood waters. But in reality, the opposite has taken place. Due to change in the rainfall pattern, there is only a trickle of water under the bridge, stagnant pools, breeding grounds for mosquitoes. Residents of the area who believed that they will have plenty of water and abandoned their wells are now restoring them. The Ceylon Workers Congress (CWC) has vehemently opposed this project on the grounds of concern for the workers who will be displaced. This too is justifiable concern, considering the plight of workers who had been displaced earlier in the plantations for various reasons and were not resettled nor compensated. The UKHP is not going to be the be all or end all of the electricity problem, therefore in view of the concerns expressed it should be abandoned. A news report stated that Ministers Premajayanth and Samaraweera were entrusted with the task of negotiating with the CWC to join the Alliance. In that report, it was also stated that UKHP will be on hold. The UKHP should be considered on its own merits. The minorities always welcome a move by their Parliamentarians to join the government in order that their problems will find solution. But such an alliance must be in a dignified manner and with honesty of purpose on both sides. S. THAMBYRAJAH - Colombo 3. I can sympathise with Yoosuff Ali's concern about the quality of service at our international airport (DN June 28). I have been a frequent user of Colombo airport since 1983. The airport has gone through a period of transition over the years - not to mention its nomenclature becoming one of the busiest international airports in the region. For many a tourists it is the first and the last port of call. Arriving and departing the airport is an experience to remember for the years to come. However the time-consuming bureaucratic procedure at the passport control desks followed by a mesmerizing congenital tawdriness at the luggage conveyor belt is a shame. It is a scene to behold: while the tired travellers are anxiously waiting for their luggage to appear, the Duty-Free retailers and the Customs Officers wait in hope for their turn! An airport is not a simple point of arrival and departure; it should be a place of welcome, hospitality, relaxation and comfort. These are basic elements of an international airport. Travellers should not be made to wait, suffer, harassed and made uneasy. Tourists (air travellers) prefer to arrive and leave a country with good memories. Unfortunately this is not the case with our international airport. It is evident that the efforts have been made to promote Duty Free trade in order to bring hard currency to the island. However, there is very little evidence of traveller-comfort. For example, the toilets in the Departure area are poorly lit and attended by a surreptitious peripatetic solitary figure (who not only gives you the creeps, but also makes you nervous!). If we strive to compete with the rest of the world in the game of tourism (travel), we have to get our act together. Sri Lanka is known for its welcome, hospitality and friendliness (smile) sadly, these national traits are absent at the point of arrival to the island. Isn't it time that we introduce change management to improve standards of our national airport? The authorities should focus on improving outdated facilities: public transport, parking, toilets, restaurants and so on. An on-going process of change and improvement has to be introduced in order to expedite a standard of service and a creation of a national airport that reflects that character of Sri Lanka. SIRIMEVAN C. LOWE - Marawila. It is noted that the Jathika Hela Urumaya MPs are to introduce a Bill in Parliament to ban the slaughter of cattle. As one reader has suggested, they should ban the slaughter of other animals too, including fish. In my opinion, in order to usher in a Dharmarajjya they should first bring in a Bill to ban business activities in temples, since everyone knows lucrative businesses are being carried out in some temples. The second step should be for these prelates to introduce a Bill to compel all Sinhala Buddhist MPs to observe the five precepts in Parliament - in order to put a stop to MPs hurling abuse at JHU MP monks! Once these two Bills are passed, it would be plain sailing for these JHU MPs to introduce the other Bills and achieve their Dharmarajjya. J. V. PERERA - Dehiwela. Those whom the gods wish to destroy they first send them mad. I am constantly reminded of this saying when I read and or hear of doings of the defeated UNP. What a tragedy! What an example for the ordinary people of this country who are law abiding and largely decent folk, people on the roads. People in the far away hamlets who as a habit hold them in awe. What of the rising generations of lads and lasses? no wonder they are killing each other in the seats of higher learning. What can we do to remedy this awful set-up, this growing cancer threatening to destroy a noble race and a beautiful country? Major S. Mervyn Dunuwille - Andiambalama. Over the years the Panadura municipal services have deteriorated drastically. UC drains are not maintained. A rain for two hours is enough for the town centre to go under water. Although Panadura town is a UDA town centre, it does not appear that UDA building regulations are enforced strictly. Some buildings appear to have come up without any approval. Commercial buildings do not have any parking facilities. Town centre is the most mismanaged place. In the heart of the town, there are two vacant lands belonging to the UC, where parking of vehicles can be provided. Although there are nameboards declaring as one-way areas, it is never enforced by the police. The law of the jungle prevails on the fair days with the cyclists, motor cyclists and three wheelers speeding in the town/market, causing potential danger to buyers and vendors alike. New Galle Road after widening has attracted commercial development. Vehicles are parked on the pavement, by the sides of the main road and at the entrances to the houses causing traffic blocks on Galle Road. Pedestrians are compelled to walk on the road with all possible dangers. Traffic police seems to be least concerned in spite of the fact that police can easily take action against traffic offences. Surprisingly they seem to be turning a blind eye to these offences. However, traffic police are observed during morning and evening, but it appears that these activities do not catch the eye of the police officers, may be due to the high speed of their vehicles. During the festive seasons the UC chairman seems to be selling the pavements to the hawkers who cover the pavements and drains erecting sheds making the drains a mosquito breeding place, allowing diseases such as dengue and filariasis to spread. Allowing loudspeaker users to fix them on light posts and telephone posts throughout the town in hundreds is another major hazard to the residents of the town as these loudspeakers go on at full blast with songs, and advertisements from morning till night. Recently Panadura town was declared a Buddhist town. The liquor bars have come up near Buddha statues, some with the blessings of powerful politicians. For the first time in the history of the town, the Chairman has to be escorted by the police. What a contrast to city fathers of yesteryear, Asoka Ranjith Jayatilleka, Titus Goonatillaka. Can the local authority justify its existence to the disgusted ratepayers? Politicians of all parties contesting Panadura, please read this carefully and come to an agreement and give a true promise to Panadura citizens regarding the above, before the local elections. D.R. - Panadura. |
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