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The Sri Lanka Ports Authority (SLPA) will be able to save Rs. 800 million annually following the Voluntary Retirement Scheme (VRS) introduced recently. The VRS was introduced to reduce the excess staff at the Port. Employees have responded favourably and during the first phase of the VRS, 3,000 employees who had completed 10 years of service and above volunteered to retire, of which 2,100 employees were received compensation up to Rs. 750,000 each at a function held on January 7. The remaining 900 employees are due to retire on January 20.

The SLPA has allocated Rs. 2,500 million for this scheme. However, the Chairman of the Ports Authority, Parakrama Dissanayake said the total cost is expected to be recovered in three years because the SLPA can save Rs. 800 million which had been spent on these 3,000 employees as remuneration, overtime and other expenses.

The Treasury has approved the SLPA's voluntary retirement scheme.

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