Around 560 employees of Sri Lankan Airlines (SLA) will be retired over the next three years under a Voluntary Retirement Scheme due to the financial crisis faced by the Airline.

The VRS is estimated to cost around Rs. 1.46 billion.

A proposal to implement the scheme tabled by Minister of Tourism Prasanna Ranatunga was approved by the Cabinet of Ministers on Monday.

A three-member Committee headed by the Secretary to the State Ministry of Aviation and Export Zones Development had studied the matter and recommended the implementation of the proposed Voluntary Retirement Scheme without hindrance to the operations of the company.