Job Security

Sri Lanka Insurance Corp. (SLIC) unionised workforce plans to strike a pact to prevent employees being retrenched after the corporation in privatized this year.rn

rnThe move comes after SLIC
quote s 3,000 odd workforce got jittery after the government announced plans to divest up to 90 percent of the insurance giant.

rnrnChairman Chrisantha Perera told journalists that the government is looking at signing a memorandum of understanding (MoU) or a collective agreement with the unions to ensure job security is maintained after privatisation.

rnrnldblquote The modalities are being worked out with the unions and we hope to have it ready next month,
dblquote Perera said adding that the final outcome would be known before prospective investors are asked to submit their bids towards mid August.

rnrnMeanwhile, SLIC has after tax profits have shot up to Rs. 1,161.86 mn as at end Dec. 31, 2001 as against Rs. 335.84 mn in the corresponding period. Total revenues rose to Rs. 1,795.42 mn from Rs. 1,200.02 mn in 20