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Friday August 19th, 2022

SriLankan to offer a whopping handshake to retiring employees – Cabinet

ECONOMYNEXT-The Cabinet has approved a Voluntary Retirement Scheme for 560 employees of SriLankan Airlines which will cost a whopping LKR 1.46bn, the Department of Government Information announced today.

A Three-Member Committee headed by the Secretary to the State Ministry of Aviation and Export Zones Development was appointed to study the aforesaid matter.

The committee recommended the implementation of the proposed Voluntary Retirement Scheme which will not hinder the operations of the company over the next three years.

Accordingly, proposal tabled by the Minister of Tourism to implement the aforesaid Retirement Scheme was approved by the Cabinet of Ministers.

Last week the government announced that the loss-making Airline would get a 150 million dollar cash injection in 2020 which would be part of a 500 million dollar to be injected in the medium term.

SriLankan had been making losses ever since its managing shareholder Emirate Airlines was removed and the privatization reversed in 2008.

However Prime Minister Mahinda Rajapaksa blamed the last administration for not injecting cash to the airline.

“Due to the suspension in 2015 of the 2013 commenced programme to strengthen the SLA by infusing capital of USD 500 million over 5 years, and the subsequent efforts to privatize the SLA, has made it financially weak,” he told Parliament. (Colombo/Nov17/2020)

Reported by Imesh Ranasinghe

Comments (5)

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  1. Nimal Kodithuwaku says:

    Srilankan airlines is a money pit. Employees are overpaid compared to even Emirates, Ethiad, and Qatar airways. All current employees should take a 50% pay cut. No golden handshakes. Please respect the hard-working SriLankan taxpayers and the paying passengers.

  2. Harindra Ranasinghe says:

    Started with public funds, operated by pumping public funds and retrenching staff with the aid of public funds. This is the balance sheet after 43 years (Except during Emirates management). Rather than having a national carrier government would have subsidied for the tickets purchased in Sri Lanka from other airlines. God bless Sri Lanka!!

  3. Gamal says:

    Let’s bring back the profit making “Mihin Air” back

  4. sacre blieu says:

    This is to cover the commissions and remissions of past sins of the chairmen and administrators and corrupt politics. Normal compensation with terminal benefits should be the limit. The citizen should not be burdened with such a crime.

  5. sacre blieu says:

    Why such a handshake. The normal method of compensation should be effected. The culprits should be made to pay and even charged for dereliction of duty , mostly amounting to fraud and corruption. The country cannot afford such lavish handling of decelerates.

View all comments (5)

Comments (5)

Your email address will not be published.

  1. Nimal Kodithuwaku says:

    Srilankan airlines is a money pit. Employees are overpaid compared to even Emirates, Ethiad, and Qatar airways. All current employees should take a 50% pay cut. No golden handshakes. Please respect the hard-working SriLankan taxpayers and the paying passengers.

  2. Harindra Ranasinghe says:

    Started with public funds, operated by pumping public funds and retrenching staff with the aid of public funds. This is the balance sheet after 43 years (Except during Emirates management). Rather than having a national carrier government would have subsidied for the tickets purchased in Sri Lanka from other airlines. God bless Sri Lanka!!

  3. Gamal says:

    Let’s bring back the profit making “Mihin Air” back

  4. sacre blieu says:

    This is to cover the commissions and remissions of past sins of the chairmen and administrators and corrupt politics. Normal compensation with terminal benefits should be the limit. The citizen should not be burdened with such a crime.

  5. sacre blieu says:

    Why such a handshake. The normal method of compensation should be effected. The culprits should be made to pay and even charged for dereliction of duty , mostly amounting to fraud and corruption. The country cannot afford such lavish handling of decelerates.

Sri Lanka schedules 3-hour power cuts for Aug 20, 21: regulator

ECONOMYNEXT – Sri Lanka will impose power cuts of up to three hours on Saturday August 20 and Sunday August 21, Public Utilities Commission (PUCSL) Chairman Janaka Ratnayake said.

All areas (A, B, C, D, E, F, G, H, I, J, K, L, P, Q, R, S, T, U, V and W) will have power cuts of 1 hours and 40 minutes between 10.30 am and 06.00 pm and 1 hour 20 minutes from 06.00pm to 10.00 pm.

Click here for a detailed schedule.

The state-run Ceylon Electricity Board (CEB) said supply interruption time and restoration time will vary within 30 minutes as indicated above.

Sri Lanka’s daily scheduled power cuts that were reduced to one hour in July with power generation from hydro power plants contributing more than 50 percent to the main grid reducing thermal power plant use was extended to three hours last week due to a breakdown at the Norochcholai coal power plant.

According to officials, the breakdown happened in Unit 1 of Norochcholai which will take around two weeks to repair.

The Minister of Power & Energy said Unit 2 is undergoing scheduled maintenance work while Unit 3 will continue to operate. West Coast and other fuel power pPlants will be used to manage the supply, the ministry said. (Colombo/Aug02/2022)

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Sri Lanka guidance peg edges T-bond yield edge down

ECONOMYNEXT – Sri Lanka Central Bank’s guidance peg for interbank transactions edged down on Friday (19), while yields in Treasury bonds picked up slightly and in T-bill remain unquoted in dull trade, a day after the Central Bank announced the policy rates will remain stable, dealers said.

A bond maturing on 01. 06. 2025 closed at 27.95/28.05 percent on Friday, slightly up from 27.90/28.00 percent on Thursday.

No T-bills were quoted on Friday, dealers said.

Meanwhile Sri Lanka’s central bank announced a guidance peg for interbank transactions further weakened by three cents to 361.00 rupees against the US dollar on Friday from 360.97 rupees.

Data showed that commercial banks offered dollars for telegraphic transfers between 368.00 and 370.00 for small transactions.  (Colombo/ Aug 19/2022)

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Sri Lanka records 10 new COVID-19 deaths in 48 hours as case numbers rise

ECONOMYNEXT –  Sri Lanka recorded 10 COVID-19 deaths in the 48 hours from August 17 to 19 taking the country’s pandemic death toll to 16,640, health ministry data showed.

Sri Lanka is experiencing a slight increase in COVID-19 cases with the relaxation of public health restrictions relating to face masks and public gatherings.

Health authorities said the situation will be monitored constantly and have asked the general public to continue to follow basic hygiene measures in order to control the spread of the virus again in the community.

In August alone 2,924 new cases were recorded in Sri Lanka, with 84 deaths attributed to the disease.

So far in 2022, from January onward, health authorities have identified 81,157 patients to date.

Epidemiology unit data showed that 874 patients are currently receiving treatment, out of which 716 are receiving home based care.

The spread of the virus has increased with the use of public transport rising after an easing of a fuel crisis.

Sri Lanka is also facing difficulties in securing essential medicine supplies for the health sector due to a forex shortage.

Health officials said if the number of COVID-19 patients rise to a level the health sector cannot manage,  with the added issues of fuel and medical shortages, the health system might collapse.

“It is the responsibility of us all. There is no use trying to forcibly control people. We all have the responsibility to reduce or stop the spread of the virus before it gets out of control. We have been living with it for the past two years,” Deputy Director General of Health Services Dr Hemantha Herath said. (Colombo/Aug19/2022)

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