Seylan offers VRS

Open to 250 employees:

Seylan Bank launched its Voluntary Retirement Scheme (VRS) open to 250 of its 3,600 employees yesterday, a bank media release said.

Kapila Ariyaratne

The Seylan Bank General Manager and CEO Kapila Ariyaratne said, "We greatly value the quality and the commitment of our staff and this VRS is solely for the purpose of enhancing the value that we intend to deliver to all our stakeholders. It is also a generous package which is significantly better than the minimum requirement the bank had to meet."

"The introduction of this VRS is linked with a series of strategic measures. These include an investment in advanced technology, organizational restructuring and employee job enrichment and engagement processes by benchmarking international best practices from within and outside the country. There would also be further investment on continuous staff training and development," Ariyaratne said.

Financial analysts have interpreted this move as a win-win situation for both the bank as well as the employees who may be potentially eligible for the VRS.

The bank with its new initiatives on productivity improvements will henceforth be able to run at a more optimal level of performance leading to a further improvement in profitability. Employees who take the VRS will parallelly have the opportunity of literally starting afresh in life on a sound financial standing.

Those who remain will be working on more efficient and streamlined systems that will enhance the overall profitability, stability and the market standing of the bank.