Early Release

State run Bank of Ceylon has announced an across the board, early retirement scheme for its 9,000 odd staff.
The announcement was made in response to requests from unions to allow employees with family commitments to leave early without losing their pension rights.rn

rnEmployees who reach 50 years of age and have put in 20 years of service, can apply. rn

rnThe early retirement scheme is open till end of July, but the management reserves the right to accept applications.rn

rnThose selected for early retirement, are eligible for pension and provident funds benefits when the reach the retirement age of 55 years.rn

rnAround 30 percent of Bank of Ceylons staff currently fall under this category. Officials are sceptical the scheme will get a positive response, as those opting for early retirement will not draw a salary before they reach 55 years of age.rn

rnBank of Ceylon, was incorporated in 1932, has been the states premier bank since its nationalisation in 1961. rn

rnIn 1998 the government ini