News
Independent committee finalises report on CB salary hike
View(s):By Bandula Sirimanna
An independent remuneration committee appointed by President Ranil Wickremesinghe to review the recent proposed salary increase of the Central Bank of Sri Lanka (CBSL) employees, which triggered controversy, has finalised its report with recommendations, official sources confirmed.
This report will be handed over to the president for necessary action, a senior government official said.
The salary hike of the Central Bank officials is now on hold.
The committee was appointed by President Wickremesinghe in his capacity as Finance Minister.
Committee members are Dr Indrajit Coomaraswamy, Sudharma Karunarathne, Nihal Fonseka, Anushka S Wijesinha, Dinesh Weerakkody, Arjuna Herath, and Duminda Hulangamuwa.
The President appointed the Committee based on the recommendation in the report by the Parliamentary Committee on Public Finance (COPF).
The Central Bank had increased the salaries of its employees by upto 70 per cent in March, a move that was heavily condemned by both ruling party and opposition parliamentarians.
Addressing Parliament after the salary hike was made public, Prime Minister Dinesh Gunawardena provided a detailed explanation of the salary increase percentages of various staff member grades ranging from 29.53 percent to 70.16 percent.
The committee focused attention on whether there is an approved procedure and a salary structure, including increments etc, pertaining to the recruitment of employees in which the salary revision is done and the criteria adopted in that respect; and the collective agreement and its clauses relevant to salary hike.
In response to the uproar, a majority of the senior management and professionals of the Central Bank made a collective decision to consider a revision to their salaries.
The Central Bank, as the apex financial institution in the country, functions autonomously using the powers vested in it, previously under the Monetary Law Act, No. 58 of 1949 and now under the CBSL Act, No. 16 of 2023.
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