News
Indignation over big hike in salaries for CBSL staff
View(s):By Bandula Sirimanna
The salaries of Central Bank employees have been adjusted by proportions of 29.53% to 79.97% under a triennial pay revision, despite the fiscal authority directive to tighten the belts of the public sector, but this has aroused indignation across the board.
The Central Bank Deputy Governor’s monthly pay has been increased to around Rs. 1.7 million from Rs. 974,965, while office aides’ salaries have also been hiked significantly. The total pay of an office assistant, sources said, has now risen above that of an entry-level doctor.
The Monetary Board decided to proceed with such a large salary increase amid all sections of society currently facing economic hardships.
Yesterday, Central Bank Governor Dr. Nandalal Weerasinghe told the Sunday Times that he had written to the President earlier this week, saying that for reasons of transparency and accountability, the Central Bank should be requested by any parliamentary committee to present facts and details of this salary increase.
“We are willing to present ourselves before any committee to give our side of the story,” he said.
Earlier this week, Chief Opposition Whip Lakshman Kiriella told Parliament that the independence of the Central Bank did not mean bypassing Parliament.
The Central Bank could adjust its salaries, but it needs parliament’s approval for such an unrealistic move, he added.
Minister Nimal Siripala de Silva said, “Parliament should approve any salary increase for Central Bank officials as the legislature has the authority over finances.”
Referring to the salary hike granted to Central Bank office assistants, he asked what the special duty of office assistants was that entitled them to such a steep salary hike.
Two high-ranking Central Bank officials who wished to remain anonymous told the Sunday Times that the salary hike for CBSL employees was imperative under the collective agreement, and the percentage of the increase had to be decided and endorsed by the Monetary Policy Board.
It is different from the Labour Department’s Wages Board, which has to make informed policy decisions.
State Finance Minister Ranjith Siyambalapitiya said the Finance Ministry had no control over the salary increases of Central Bank employees.
The Governing Board of the Central Bank decides the salaries of Central Bank employees, the Minister said, adding that higher salaries should be paid to financial experts and senior economists to retain their essential services.
Officials said Customs officers, Inland Revenue Assessors, Excise Inspectors, and officials of other key revenue-generating institutions, were drawing salaries less than office aides at the Central Bank.
Also, the salaries of the Central Bank Office Task Assistant, Managerial Assistant, Senior Officer, Senior Deputy Director, and Additional Director General have been doubled.
The new Central Bank Act was passed in parliament recently to ensure its mandate to maintain domestic price stability, financial stability, and greater accountability to the people.
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