Circular issued on 2024 bonus payments for state sector employees

The Ministry of Finance, Planning & Economic Development has issued a circular concerning the payment of bonuses to employees of State Corporations, Statutory Boards, and State-Owned Enterprises for the year 2024.

The circular, which was issued yesterday (23) by Secretary to the Treasury Mahinda Siriwardena, has been directed to all Ministry Secretaries and Chairpersons of the related institutions.

The circular outlines the proposed bonus payments for this year. It specifies that employees of institutions which have paid at least 30% of their profits after tax to the Consolidated Fund in 2023 as dividends or levies will receive bonuses of either Rs. 25,000 or Rs. 20,000.

Additionally, the Treasury Secretary has provided instructions on the procedures for the payment of these bonuses. It is also noted that the Treasury will not provide specific funding for the bonus payments.

The circular further states that, in case of any issues related to the payment of bonuses, special Cabinet approval must be obtained before proceeding with the payments.