A Compulsory Retirement Scheme will be implemented for at least 267 state employees following the amalgamation of the state-owned entities, Ceylon Fertilizer Company Limited and Colombo Commercial Fertilizer Company Limited.
According to the government, 267 employees have consented to be retired under the Compulsory Retirement Scheme introduced along with the merger of the two state institutions.
The Cabinet of Ministers has approved the proposal presented by the Minister of Agriculture and Plantation Industries to implement the Compulsory Retirement Scheme.
Approval has also been granted to spend Rs. 844 million from the funds of the two fertilizer companies for the execution of the proposed retirement scheme.
The funds are to be spent subject to the recommendations of the Officials Committee appointed under the aegis of the Secretary to the Prime Minister for retirement under the voluntary pension scheme of excess employees in state enterprises. (Newswire)
