Govt. allocates Rs. 844 m for Compulsory Retirement Scheme to merge State-run fertiliser companies

Wednesday, 29 May 2024 02:01 - - {{hitsCtrl.values.hits}}

Cabinet Co-Spokesman and Minister Bandula Gunawardena

267 employees consent to retire under CRS
Cabinet Co-Spokesman and Minister Bandula Gunawardena says scheme is part of broader effort to streamline SOEs

The Cabinet of Ministers on Monday approved the implementation of a Compulsory Retirement Scheme (CRS) in connection with the amalgamation of Ceylon Fertiliser Company Ltd., and Colombo Commercial Fertiliser Company Ltd.

“The move includes an allocation of Rs. 844 million from the funds of the two fertiliser companies to execute the proposed CRS,” Cabinet Co-Spokesman and Minister Bandula Gunawardena yesterday said at the weekly post-Cabinet meeting media briefing.

The implementation of the CRS is subject to the recommendations of an Officials Committee chaired by the Secretary to the Prime Minister.

“A total of 267 employees have consented to retire under this scheme as part of the amalgamation process,” he added.

Gunawardena said the scheme is part of a broader effort to streamline State enterprises by offering a voluntary pension scheme to excess employees.

“The amalgamation and retirement scheme are expected to boost the operational synergy between the two fertiliser companies and contribute to the overall development of the agricultural sector in Sri Lanka,” he added.

The proposal for the CRS was presented by Agriculture and Plantation Industries Minister Mahinda Amaraweera and received Cabinet approval.