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| Sunday, 22 May 2005 |
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Voluntary retirement scheme finalised by Deepal Warnakulasuriya Transport Ministry has drawn up its voluntary retirement scheme for employees who wish to retire voluntarily before their due retirement age. The Ministry has arranged a compensation scheme depending on an interested employees’ service period. According to the Ministry sources employees of Sri Lanka Central Transport Board (SLCTB), Cluster Bus Companies, Regional Transport Boards, Vavuniya Peoplised Bus Company and SLCTB Workshops who opt for voluntary retirement can apply for the early retirement with compensation. However, those who once received the benefit of the scheme and retired will not be allowed to rejoin the proposed Ceylon Transport Board under any circumstance. The compensation package has three categories as (a) employees who have completed 10 or more years (b) employees who have completed less than 10 years of service and (c) casual, contract or substitute employees. Compensation will be calculated on the basis of the basic consolidated monthly salary drawn at the retirement excluding all allowances. The maximum of the compensation will be Rs. 800,000 for executive grades Rs. 600,000 and Rs. 500,000 will be for middle grades minor grades employees respectively. In addition to the compensation all statutory payments will be made on normal procedure. The compensation of employees who count 10 or more years will be calculated as 2 month’s salary for every 12 months of service. It would be five month’s salary for every 12 months of service for the employees who count less than 10 years of service. Two months salary for every 12 months of service will be the calculation formula for the casual, contract and substitute employees. |
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