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Ports says farewell to 2,100 employees under VRS

The Ports Authority will witness a number of farewell parties today (7th) as 2,100 port employees end their long career sequel to the golden handshake announced last year by the SLPA, a port official said.

He said there were 2900 applications for the Voluntary Retirement Scheme(VRS), out of which 2100 were selected.

The Treasury approved a VRS for the Port employees with compensation upto a maximum of Rs 750,000. The age of retirement was determined as 55/60 years for the purpose of paying compensation. Employees who count less than 10 years service were not eligible to apply for this scheme.

Among the features of the golden handshake are two months salary for each year of past service and for services of foregone - one month salary for each year. The maximum limit of compensation stands at Rs 750,000.

The Ports Authority will spend a sum of Rs. 1,422 million for paying compensation under this scheme.

Employees retrenched under this scheme will not be permitted to re-join the Public Service including Public Corporations, Statutory Boards and Government Owned Companies. (BM) 

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