The government has announced the implementation of a Compulsory Retirement Scheme affecting at least 267 state employees.
This follows the merger of two state-owned entities, Ceylon Fertilizer Company Limited and Colombo Commercial Fertilizer Company Limited.
According to government sources, the 267 employees have agreed to retire under the new scheme, which was introduced as part of the merger process. The proposal for the Compulsory Retirement Scheme, put forward by the Minister of Agriculture and Plantation Industries, has received approval from the Cabinet of Ministers.
To facilitate this scheme, the government has sanctioned the allocation of Rs. 844 million from the funds of the two merging fertilizer companies. This expenditure will be managed in accordance with the recommendations of an Officials Committee. This committee operates under the guidance of the Secretary to the Prime Minister and is responsible for overseeing the voluntary pension scheme for excess employees in state enterprises.
