Dec 13, Colombo: Sri Lanka's Cabinet has given approval to increase the year-end bonus paid to the state sector employees by 25 percent this year.
Employees of state institutions, corporations and government owned companies will get 25 percent more than the last year's bonus.
Accordingly, employees of public corporations and fully state-owned companies that have registered profits in the relevant financial year will be given Rs. 12,500 as a bonus, if they receive no other incentives. Last year they were given Rs. 10,000.
Also, for those who receive such incentives, payments will average between Rs. 9,375 and Rs. 9,500 depending on the attendance and performance. They were paid Rs. 7,500 as bonus last year.
Employees of the institutions that have minimized the loss compared to the loss occurred last year are entitled for an allowance of Rs. 2,500 while for the employees of state owned corporations and companies that made losses will be paid a flat amount of Rs 1,000, as is done now.
The measure proposed to the Cabinet by the President in his capacity as Finance Minister is aimed at increasing the productivity of the state institutions.
In addition to the bonus increase the employees will also receive a cost of living allowance of Rs. 1,200 allocated in the 2014 Budget .