The Cabinet of Ministers has approved the proposal to retire 560 SriLankan Airlines employees under the Voluntary Retirement Scheme at a cost of Rs.1.46 billion, the state information office said.

It has been decided to implement the Voluntary Retirement Scheme due to the financial crisis that has been faced by the SriLankan Airlines Ltd and a Three-Member Committee headed by the Secretary to the State Ministry of Aviation and Export Zones Development has been appointed to study the aforesaid matter.

The committee recommended the implementation of the proposed Voluntary Retirement Scheme without hindrance to the operations of the company for the next three years. It is expected that approximately, 560 employees will be retired under the scheme and it is estimated that it will cost Rs. 1.46 Billion.

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