|
|
 |
 |
 |
| Tuesday, 28 October 2003 |
 |
|
 |
Business | |
| News Business Features Editorial Security Politics World Letters Sports Obituaries
|
763 employees retired: SLT implements first phase of Rs 710m package By Chamitha Kuruppu Sri Lanka's corporate with the largest market capitalisation Sri Lanka Telecom(SLT) yesterday 'bade farewell' to 763 employees of the total 1,025 who opted to retire voluntarily under the company's Rs 710 million Voluntary Retirement Scheme (VRS) package. SLT's VRS is a phased out plan that allows employees of non-executive category between 50-59 years in the first phase and between 45-50 years in the second phase to retire voluntarily. Retired employees will obtain a financial package between Rs 150,000 to Rs 1,100,000 under the VRS. SLT is expected to recover Rs 710 million VRS package within two years. Nearly 350 remaining employees will be retire under the VRS on December 31 under its second phase. At a function held in Colombo SLT handed over terminal benefits and service certificates to the first phase of 763 employees. SLT took steps to hand over the cheques of the VRS package as well as the cheques relating to Employees Provident Fund (EPF) and gratuity at the function. The retired workers will receive a rental free residential phone until the age of 55. SLT's VRS comes under its restructuring plan to improve productivity. The scheme will help the institution to right size its workforce and re-engineer it based on the actual demand. The average age of the staff, which is 43 at present, will plummet enabling SLT to keep the right blend of the age of its staff, the company said. The right blend and higher skill levels are considered absolute necessitates in an area where the company is facing stiff competition. International telecom industry standards suggest a high ratio of Direct Exchange Lines (DEL) per employee. After VRS, SLT will increase its DEL to 95, which was 38 in 1996. SLT will commence a counselling desk for three years, 'VRS Watch' in a bid to monitor better management of projects undertaken by the retirees. |
|
News | Business | Features
| Editorial | Security
Produced by Lake House |
