July 31, Colombo: Sri Lanka apparel industry giant, MAS Holdings have denied any plans to introduce a voluntary retirement scheme (VRS).

According to media reports, the company has planned to terminate 500 management grade employees due to the current world wide economic turbulence. The high inflation and the increased interest rates have also become factors hampering the company’s growth.

MAS Holdings was established in 1987, following a decisive move by three brothers, Mahesh, Ajay and Sharad Amalean to manufacture intimate apparel in Sri Lanka. Starting with a single factory and a staff of just 60, the MAS Group has grown exponentially in the ensuing years. Today the group has 39 world-class manufacturing facilities with combined workforce of 35,000 dedicated employees.