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Compulsory Retirement Scheme Approved for Fertilizer Company Merger

A compulsory retirement scheme will be implemented as part of the merger between the Ceylon Fertilizer Company Limited and the Colombo Commercial Fertilizer Company Limited. According to the Cabinet Spokesman, 267 employees have agreed to retire under this scheme.

The Cabinet of Ministers has approved the proposal presented by the Minister of Agriculture and Plantation Industries, Mahinda Amaraweera, to proceed with this initiative. Approval has also been granted to allocate Rs. 844 million from the funds of the two fertilizer companies to execute the proposed retirement scheme.

However, the implementation of the scheme is contingent on the recommendations of an Officials Committee chaired by the Secretary to the Prime Minister, which focuses on the voluntary pension scheme for excess employees in state enterprises.

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