AS regards the matter of 'Behbood certificates' issued nine years back to senior citizens by the National Savings Centres, the holders of these certificates bearing profit at the rate of 16.8 percent are mostly in their 70s. Issued in 2008, the certificates are due for renewal next year on completion of 10 years.

Now these senior citizens are literally found crying at Savings Centres when they come to know the fact that from the next year, when these certificates will be renewed, the present rates of profit, i.e., 9.36 would be applied to them, that means their monthly income will be reduced to almost half whereas the cost of living by now has gone up twice.

'Behbood' means 'well-being' and so the certificates were launched for the well-being of pensioners and senior citizens. Why has this 'well-being' been linked to the State Bank of Pakistan's bank rate, which has come down to its lowest? How funny that measures taken by the government for the well-being of senior citizens have also come down to the lowest with the downward fluctuation of the bank rate.

The finance minister should kindly pay attention to this issue in the forthcoming budget and an independent rate of 'Behbood' must apply to Behbood Certificates, maybe at the minimum rate of 12 percent (still saving the cost by more than four percent - from 16.8 to 12 percent) which should be raised with the increase in the cost of living in the country.

Copyright Business Recorder, 2017