The terms and regulations of the Voluntary Retirement Scheme (VRS) under the Sri Lanka Electricity Act, No. 36 of 2024, have been officially published in an Extraordinary Gazette notification signed by Minister of Energy Kumara Jayakodi.
The regulations, issued under Paragraph (f) of Subsection (3) of Section 18 of the Act, define the eligibility criteria and compensation structure for Ceylon Electricity Board (CEB) employees opting for voluntary retirement.
Key points from the gazette include:
Permanent cadre employees with ten or more years of service will receive two months’ salary for each completed year of past service and 1.5 months’ salary for each year of service foregone.
Permanent cadre employees with less than ten years of service will receive five months’ salary per completed year of past service, with no compensation for service foregone.
Compensation limits are set at a minimum of Rs. 900,000 and a maximum of Rs. 5 million.
Non-permanent employees (excluding contractual staff) will receive two months’ salary per completed year of past service, with a minimum compensation equivalent to twelve months’ salary, calculated as (22 × daily wage × number of months).
Compensation will be based on the monthly salary used for Provident Fund contributions at retirement, excluding interim or other allowances. Statutory payments will be made according to relevant laws. Employees undergoing disciplinary inquiries or tribunal cases are ineligible, and any outstanding dues will be deducted from the compensation.
Employees who retire under this VRS and receive compensation will not be eligible for employment in any successor company under any circumstances.
