Business Times

Seylan to finalise Rs 600 mln VRS tomorrow

Some 400 staff have applied for Seylan Bank’s Rs 600 million Voluntary Retirement Scheme (VRS) and the bank will finalise the details tomorrow, according to Seylan officials.

“There’s room only for 250 applicants, but we got more than that and we may extend the Rs 600 million further,” a Seylan official told the Business Times. He said of its 3622 employees Seylan planned this scheme for 250 as it’s the excess staff, but it’s likely to change as per the profile of the employees they select.

“The Rs 600 million VRS number will change and we may allot a bigger amount," he said, adding that Seylan has 8% of employees nearing retirement age, but it’s not clear how many (of those) will accept it. “We’ll wrap it up by tomorrow,” he added.

He noted that with this VRS, Seylan will also roll out a series of strategic measures such as organizational restructuring, investment in advanced technology, and employee job enrichment and engagement processes by benchmarking international best practics from within and outside the country. The Business Times reported this move in late February.

The official also said that Seylan has plans for a Rs 1 billion rights issue after its Extraordinary General Meeting later in May.

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