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Central Bank top brass to review high pay hike amidst public protests

By: Staff Writer

March 24, Colombo (LNW): In the face of widespread public pressure including parliamentarians and civil society activists,   the Central Bank senior management has decided to revisit recent salary revision

The recent salary revision for the period 2024-2026 made by the Central Bank of Sri Lanka (CBSL), post the collective agreement between the Governing Board and the employee representatives, created much discourse among the public.

In response to this situation, a majority of the senior management and professionals of CBSL madea collective decision to consider a revision to their salaries.

This decision was communicated to the Committee on Public Finance (COPF) on 16th March 2024, prior to and independent of the recommendations made by COPF.

The COPF Chairman has meantime recommended that the collective agreement to increase salaries of CBSL staff be reviewed by an independent committee, entailing revisions across all employee categories of CBSL.

The CBSL, as the apex financial institution in the country, functions autonomously using the powers vested to it, previously under the Monetary Law Act, No. 58 of 1949 and now under theCBSL Act, No. 16 of 2023.

The CBSL is held accountable in achieving and maintaining domestic price stability and securing stability of the country’s financial system.

To achieve this critical National mandate, the CBSL employs many experienced and professional staff under its wing and the recent salary revision was made with the intention to retain itsexperienced staff in order to function at its full capacity

The Committee on Public Finance (CoPF) Chairman Dr.  Harsha de Silva said the Central Bank informed the Committee that it accepts all recommendations in the CoPF report on the salary revisions.

The CoPF requested President Ranil Wickremesinghe to appoint a Committee to review the CBSL salaries, until which the salary increases will be deferred for next month.

In a statement released today, the CBSL emphasized its commitment to transparency and accountability in its operations.

The Governing Board of the CBSL, at a meeting held on 21.02.2024, directed the Governor to formally request an opportunity to address Members of Parliament through an appropriate parliamentary committee.

This request, made in accordance with Section 80 (2) (b) of the Central Bank of Sri Lanka Act No. 16 of 2023, aims to provide clarity on the process and rationale behind the recent remuneration revision, which was approved under the triennial Collective Agreement with Trade Unions covering the period 2024-2026. 

On 22.02.2024, the Governor of CBSL submitted a written request to the President, who also serves as the Minister of Finance and acts as the conduit through which CBSL communicates with Parliament. 

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