The government is looking at offering up to one year as compensation for employees who lose their jobs and also allow people to take their provident fund monies early.
Labour Minister Mahinda Samarasinghe said a safety net scheme to offer compensation to victims of corporate restructuring is being worked out and will be announced before the end of December.
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rnldblquote We are looking at asking companies to offer six months compensation if the employees are paid only 50 percent of their last salary and one years compensation if employees get 75 percent of their last salary, dblquote Samarasinghe said addressing members of the Joint Apparel Association Forum on Monday.rn
rnThe proposal is being discussed among various groups and will be included in relevant laws, once finalised.rn
rnEmployees who opt for voluntary retirement, will be allowed to take their EPF monies earlier, than the current laws of 55 years.rn
rnldblquote The thinking behind this is that, employees can invest their money or u