Seylan Bank said this week it was offering a VRS (Voluntary Retirement Scheme) which is ‘open to 250 of its 3,600 employees’.
General Manager / CEO of the Seylan Bank Kapila Ariyaratne said in a statement, “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 that the bank had to meet”.
The statement quoted financial analysts as saying the 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, it said. The plan to cut jobs by 250 was reported by the Business Times some weeks ago.