Down Hill Ahead

Sri Lanka Insurance which was privatized last year says 400 employees have taken up a Voluntary Retirement Scheme (VRS) during the last few months. Sri Lanka Insurance which was privatized last year says 400 employees have taken up a Voluntary Retirement Scheme (VRS) during the last few months. The company employs 2000 people and says the VRS still open.

A company official said the offer was made on the request of unions some of whom were opposed to the privatization of the Insurance Corporation.

Distilleries Company controlled by Harry Jayawardena bought SLIC for Rs. 6 billion when it was privatized.

Sri Lanka Insurance also said demand for motor vehicle insurance is expected to shrink next year due to higher import taxes and higher fuel prices,” says Damien Fernando, Director, Sri Lanka Insurance.

Mr. Fernando was speaking at the launch of the company’s new motor insurance package on Wednesday.

Sri Lanka Insurance says they are targeting fully insured vehicle owners with their new package.

-LBR Newsdesk: LBOEmail@vanguardlanka.com