Special committee rejects 70% pay hike for CB staff
The much criticised and unprecedented 70 per cent salary hike proposed for Central Bank employees has been rejected and reversed to previous levels on the recommendations made by the Independent Remuneration Committee appointed by the President, informed official sources divulged.
The increase in monthly gross salary bill during the previous salary hike period of 2021-2023 was 27.49 per cent, Central Bank data shows.
The committee has handed over the report to President Ranil Wickremesinghe sometime back following an in-depth review on the proposed salary hike which was arrived in accordance with long-standing collective agreement mechanism of the banking regulator.
It has also ensured compliance with applicable laws, corporate governance standards and disclosure requirements associated with this issue along with the impact of the people consequent to the economic downturn, sources said.
The Remuneration Committee held several discussions with Central Bank executives and members of its trade unions in their deliberations to revisit the process of granting salary revisions in the past.
It has been revealed that the proposed once in three years’ salary revision was not in the interest of the country at present economic situation
The salary revisions were made in accordance with provisions of previous Monetary Law Act No. 58 of 1949 and now under the Central Bank Act No. 16 of 2023, salary revisions have been done by the Monetary Board.
Since 1991, such revisions have been carried out once every three years. Collective agreements have been used to arrive at such revisions since the year 2000.
Meanwhile Prime Minister Dinesh Gunawardena disclosed at a meeting with Central Bank trade union members the government is seriously considering some of the activities of the banking regulator which were against the public interest.
He mentioned that the recent attempt made to increase salaries of the CB employees by 70 per cent and the 29 per cent interest given to them for its Provident Fund contributions although private sector employees’ interest rate confined to 8-9 per cent cannot be condoned by the government.
The move to recommend a 70 per cent increase in salaries for Central Bank staff drew howls of protest from various quarters leading to the appointment of a committee to examine the proposal and make recommendations for a fair wage increase.
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