Cabinet has granted approval for a Compulsory Retirement Scheme for staff to be implemented in relation to amalgamation of Ceylon Fertilizer Company Limited and Colombo Commercial Fertilizer Company Limited.
Cabinet Spokesman and Minister of Transport Bandula Gunawardena announced the cabinet decisions today.
So far 267 employees have given consent to be retired under the Compulsory Retirement Scheme to be implemented for their employees in relation to amalgamation.
Accordingly, the Cabinet of Ministers granted approval to the proposal furnished by the Minister of Agriculture and Plantation Industries to implement the Compulsory Retirement Scheme was granted approval.
Cabinet also approved to spend Rs 844 million from the funds of the two fertilizer companies for execution of the proposed Compulsory Retirement Scheme subject to the recommendations of the Officials Committee appointed with the chairing of the Secretary to the Prime Minister on retiring under the scheme of voluntary pension scheme of excess employees in state enterprises.
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