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Political show-downs and plain truths

Our front page news report yesterday, "Nimal slams Ranil, nails canards", while exposing the hollowness of some claims by the Government on the local economy, proves the degree to which "truth" has become a prime casualty of the current political show-down.

While at a public rally the Premier had reportedly said that the economy was in decline and that a major IMF loan was being held back on account of the Presidential action of taking over three ministries, PA parliamentarian Nimal Siripala de Silva made a disclaimer in our news report yesterday. "This is merely a ruse to spread panic among the business community and the people for political gain", we quoted de Silva as countering.

The state of the economy was not what the Premier tried to make out - was, essentially, de Silva's rebuttal. For instance, foreign aid commitments by a number of international agencies have not seen a deceleration, but are being gone ahead with, contrary to Government claims. How, then, could an economic down-turn be claimed? Besides, as one of our reports indicated yesterday, investor confidence is picking-up because the Colombo bourse is ticking once again. No less an authoritative source than the Central Bank of Sri Lanka had established that the economic targets for 2003 have been achieved, de Silva was quoted saying.

So, the people may be up against a major disinformation drive and the majority of them who are usually starved of the truth may be looking forward to record-straightening and an establishment of objective facts by authoritative sources whose credibility is beyond question, on the crucial issues facing the country.

While, usually, public scepticism and cynicism greets the claims and counter-claims of most politicians on account of the fact that they always have an axe to grind with each other, the authority of the Central Bank, we believe, ought to always be recognized. In the present instance, Central Bank statistics tend to explode the politically-motivated disinformation on Lanka's economic health.

Perhaps, the Central Bank should use this controversy as an eye-opener for launching a more proactive role among the public as a record-straightener. Right now, the Bank fulfils this role somewhat by providing the public with some basic statistics on the economy on a daily basis, as our "Markets" page amply demonstrates. However, a frequent, easy to access concise analysis of the economy would go some distance to disprove politically-motivated myths, whatever their origins, on the economy, which may be damaging both locally and internationally. Would the Central Bank of Sri Lanka please oblige?

Young at heart

At what age should you call it a day ? The age at which you finally say goodbye to the office desk varies from country to country and sometimes, by profession. The most common retirement ages are 55, 60 and 65. Apart from politicians, who never seem to retire, everyone else has to pick up the office bag for one last time.

However, many of those leave work at the mandatory retirement age are still fit enough to work. This is the basis of a new experiment undertaken by Denmark, which is offering bonuses of up to 40 per cent of their pension to those who continue working beyond 65.

There are two sides to a coin and the Danish plan is no exception. In the words of a Danish official, "older employees have amassed a wealth of qualifications during their long working life, which companies will need in the years to come".

Indeed, younger workers can hardly match the elders' work experience. On the other hand, younger employees often complain that keeping senior workers on the payroll reduces their chances of getting promotions and leadership experience. Young workers are also generally more dynamic than older counterparts.

These may be the pros and cons of keeping a silver generation at the helm, but the main reason for the Danish move is obvious: Pensions. A pension scheme is the hallmark of a generous welfare State. Countries from Sri Lanka to the UK operate pension programs to reward government employees who have faithfully served the public for several decades.

The downside is the vast expenditure needed for a pension program in the face of budgetary constraints and escalating living costs. Retaining workers on the government payroll boosts pension funds and reduces the quantum of pension payments. International lending institutions too advocate pension reforms, but this is a political minefield most governments dare not enter, knowing that pensioners represent a considerable percentage of voters.

This percentage is likely to increase as a result of better healthcare and other benefits extended by governments to their senior citizens. They should be given every incentive to make a positive contribution to the economy.

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