to shed staff with VRS
The Treasury has approved a voluntary retirement scheme
(VRS) for the Board of Investment to reduce the number of employees
in order to improve the organisation's productivity and make its
services more efficient, BOI officials said.
The VRS will
be extended to employees willing to retire prematurely and accept
a maximum sum of Rs. 750,000 in addition to the statutory payments
as part of the organisational restructuring of the BOI. It now employs
The BOI is
being downsized with the passing of the new BOI Act in Parliament
in December that established five Regional Economic Commissions
in the Western, Central, Southern, North Western and North Eastern
compensation received by an employee would be Rs. 750,000. Apart
from this lump sum, they will also receive the balances in the Employees'
Provident Fund (EPF) and the Employees' Trust Fund (ETF) accounts
and the gratuity payments.
As has been
the practice at the BOI, any income tax levied by the Department
of Inland Revenue on such receipts will be reimbursed by the BOI
to the employees retiring under the VRS for which the retiring age
is 60 years.
said it does not wish to lose professionals who are experts in various
Under the VRS
permanent employees who count ten years or more of service will
be paid two months' salary for each year of service, and for service
forgone, one month's salary for each year of service.
who have less than ten years of service would get four months' salary
for each year of service. The minimum compensation would be 18 months'
salary or Rs. 150,000, whichever is lower. Casual or contract employees
would get two months' salary for each year of service and a minimum
compensation of 12 months' salary.
has made it clear that employees retiring under this scheme will
not be allowed to join the public service including public corporations,
statutory boards and government-owned companies.
businesses get connected
chambers in Jaffna are to join the business information service
operated by the Ceylon Chamber of Commerce to deliver a wide range
of business information to clients within and outside Sri Lanka.
of senior business leaders from the Ceylon Chamber of Commerce is
on a mission to Jaffna to sign agreements with the Jaffna Chamber
of Commerce (JCC) and the Chamber of Commerce and Industries of
Yalpanam (CCIY) to make them an integral part of the business information
The visit was
organised by the Ceylon Chamber of Commerce in collaboration with
the Sri Lanka-German Enterprise Information Project (EIP) of the
GTZ, the German Agency for Technical Co-operation.
mission was organised to demonstrate the business community's support
to the ongoing peace negotiations and enhancing business links in
the north," a statement from the chamber said.
of Commerce Chairman, Tilak de Zoysa, and Udo Gartner, Team Leader,
GTZ-EIP Project are leading the delegation.
the Sri Lanka-German Enterprise Information project has supported
the setting up of Business Information Service Centres covering
different growth regions and sectors in Sri Lanka.
EIP-supported Centres are functioning in Colombo, Kurunegala, Kandy
and Hambantota. All centres are linked electronically and share
one common national-level information platform hosted at the Ceylon
Chamber of Commerce. The business community in Jaffna has sought
the assistance of members of the Ceylon Chamber of Commerce in setting
up employment generating projects in the peninsula.
identified by them include construction of hotels, agro-based industries
such as canning of fruits and vegetables, fisheries (freezing, canning,
processing facilities), IT projects, schools, and maintenance of
automobiles and tyre retreading. The Ceylon Chamber of Commerce
plans to make use of this mission to source suitable joint venture
partners from the membership for the proposed business schemes in
Chamber of Commerce believes that the recent developments in the
peace process have led to the dawn of the right climate for business
development in the north and east and it is timely to build and
strengthen trade links with the business sector in the north and
east," the statement said.