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The bank quote s Deputy Governor W A Wijewardene said that 714 of its 1,980 officers applied for the voluntary retrenchment scheme, which was aimed at those who had put in 10 years service or those who are over 40 years of age.

The package included one month quote s pay for every completed year of service and two months salary for the balance period they would have served in the bank.

Being one of the well-paid institutions, its employees are eligible for provident fund and the pension scheme.

The entire restructuring process is estimated at US$ 42 mn.

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Of this, US$ 30.3 mn will come from the World Bank, US$ 1 mn from the Swedish International Development Agency and the bank itself chipped in to cover the balance funds.

World Bank funds are being used to build the bank staff quote s professionalism and move the institution toward a merit-based system of incentives and rewards, Wijewardene said.

The bank recently advertised several of its key posts, seeking applicants with professional qualifications. H