The Ministry of Energy has issued regulations under the Sri Lanka Electricity Act, outlining the terms of the Voluntary Retirement Scheme (VRS) for employees of the Ceylon Electricity Board (CEB) who choose not to be absorbed into successor companies.
Under the scheme, employees with ten or more years of service will receive compensation of two months’ salary for every year of past service and 1.5 months’ salary for every year of service foregone until retirement. Those with less than ten years of service will be entitled to five months’ salary per year of service, but no payment for service foregone.
Compensation is subject to a minimum of Rs. 900,000 and a maximum of Rs. 5 million. For non-permanent staff (excluding contract employees), payment will be two months’ salary per year of service, with a minimum of 12 months’ salary.
The calculation will be based on the salary applicable for Provident Fund contributions, excluding allowances. All statutory dues will also be paid, while employees under disciplinary action are not eligible.
The regulations further state that employees who accept VRS benefits cannot be re-employed in any successor company of the CEB. (NewsWire)
Gazette : Extraordinary Gazette notification
