Minister of State for Finance Mr. Shehan Semasinghe has made an explanation regarding the granting of bonuses in government or semi-government companies this year.
He pointed out that the payment of bonuses for the year 2023 to the staff of commercial corporations, statutory bodies and government-owned companies should be given if the companies have made profits in the financial year 2022 and paid at least 30% of the profit after tax as dividends to the Consolidated Fund.
The minister emphasized that if the above-mentioned institutions have earned a profit in the financial year 2022 but have not paid at least 30% of the profit after tax to the Consolidated Fund as dividend or have recorded a loss in the financial year 2022, then those institutions are not entitled to receive a bonus based on the profitability of the institution.
Ministers should stay out of micromanaging companies, remuneration packages should be best left in the hands of Company directors who know the skills required and the going rate of such skills in the marketplace. Politicians must first sort out the policies in the interest of the country and not try to manage Companies, private or semi private. Most public utilities must be run by private companies and not by politicians. 75 years of Sri Lankan politicians, trying to manage our country has got us in to an utter mess and bankruptcy.