Be Generous

Commercial Bank of Ceylon is in talks with its Unions to ask them to contribute part of their earnings towards a bank pension scheme
Initial discussions made some headway, with Unions agreeing not to include employees who join after January 1, 2004, from contributing to the Fund.rn

rnThe Pension Fund is presently, non-contributory to employees, while staff contribute 75 percent of the recommended contribution rate to the Widows & Orphans Pension Scheme.rn

rnAs at Dec, 31 2003, actuarial results show that the value of the promised retirement benefits is Rs. 2.376.791 mn and that the fair value of the Fund assets is Rs. 1,487.880 mn. This leaves a past deficit of Rs. 888.911 mn, up from Rs. 478.128 mn in 2002.rn

rnldblquote The changes are due to actuarial assumptions that took place since the last valuation in 2002, but its a substantial figure for a bank of our size,
dblquote comments its Chairman, Mahendra Amarasuriya.rn

rnApart from the monthly contributions, the Bank chipped in with a furth