Compulsory retirement scheme to be implemented for merging of fertilizer companies
May 28, 2024 05:03 pm
A compulsory retirement scheme is set to be implemented in connection with the amalgamation of the Ceylon Fertilizer Company Limited and the Colombo Commercial Fertilizer Company Limited.
A total of 267 employees have agreed to retire under the compulsory retirement scheme, according to the Cabinet Spokesman.
Accordingly, the Cabinet of Ministers has granted approval to the proposal presented by the Minister of Agriculture and Plantation Industries Mahinda Amaraweera to implement this initiative.
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.
However, the implementation of the scheme is subject to the recommendations of an Officials Committee, chaired by the Secretary to the Prime Minister, focusing on the voluntary pension scheme for excess employees in state enterprises.
