Friday, April 19, 2024

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CBSL does it again, now with 70% salary hike

CBSL has created history again . Now with a 70% salary increase without parliamentary or management services approval. During the height of the crisis. The governor took a unilateral decision to default without cabinet approval. The massive increase of interest rates virtually destroyed the SMEs and made several businesses bankrupt . He will be held accountable for this action by a future government. There is now a growing controversy surrounding the substantial salary raise for Central Bank employees, a prominent parliamentary committee has taken action, requesting a comprehensive report from the Central Bank regarding the legal basis for such an increase without parliamentary oversight.

Chairing the Sectoral Oversight Committee on Alleviating the Impact of the Economic Crisis, MP Gamini Waleboda disclosed that concerns about the salary hike were raised during a recent committee session attended by Central Bank officials.

The Central Bank has been given a deadline to furnish the report on the salary adjustment, after which both the bank and its Monetary Board will be summoned before the oversight committee to provide further explanations.

MP Waleboda emphasized the committee’s dissatisfaction with the 70% salary surge amid the prevailing economic challenges, condemning it as unethical. He outlined the committee’s directive for the Central Bank to justify the increase with legal provisions permitting such actions.

Political figures from both the government and opposition have criticized the Central Bank’s decision, asserting that it lacks parliamentary approval and violates existing legislation. Chief Opposition Whip Lakshman Kiriella specifically highlighted the absence of provisions within the Central Bank Act authorizing salary increments without parliamentary consent, branding the move as unlawful .  The monetary board led by retirees like Nihal Fonseka have approved the  massive hike at a time the country is struggling with high taxes and VAT.

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