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Central Bank of Sri Lanka clarifies reports on salary hike

25 February 2024 01:53 pm - 40     - {{hitsCtrl.values.hits}}


Colombo, Feb 25 -  The Central Bank of Sri Lanka (CBSL) has responded to recent media reports surrounding comments made by Members of Parliament regarding the latest revision of remuneration for CBSL employees. 


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. 


The request seeks an opportunity to apprise Members of Parliament of the factors driving the remuneration adjustment for CBSL staff.


CBSL also reiterated its willingness to provide explanations and insights into the decision-making process behind the remuneration revision either upon being granted the requested opportunity or upon receiving a formal request for information.


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  Comments - 40

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  • Cherath Sunday, 25 February 2024 02:16 PM

    Any misdemeanour can be explained away. But is it reasonable, logical, fair (on other workers throughout the country) and therefore can you sleep at night?

    No Substance Statement. Going Round The Bush. Monday, 26 February 2024 04:49 AM

    The above statement from CBSL is not clarifying anything why there is a salary hike. Just informing more details will be given to parliament. Going around the bush with some confusing lines showing a statement is release but actual no substance!

    Dilshan Sunday, 25 February 2024 02:32 PM

    This says nothing other than, after having implemented the salary revisions we will tell you how and why it was done.

    Gayantha Hemachandra Sunday, 25 February 2024 02:48 PM

    How can you justify 70% of your salary rises while rest of the people are barely supporting themselves and their families with poor salaries? Men and Women in Fancy Business Dress in Central Bank …..not only Hungry and Angry People but also God Almighty are watching down you…while you are enjoying all the luxuries in life in the expense of the poor . Get ready..the Judgment Day will come sooner or later….!!

    Sokrates Sunday, 25 February 2024 04:34 PM

    Wrong question. You have to ask why other institutions and companies haven't also increased wages by this percentage? Inflation was at least 150 percent and prices have not fallen since then but continue to rise. Wages have only risen minimally, if at all, or correctly said, real wages have fallen extremely. Companies and traders have all increased prices, sometimes exorbitantly, and are making high profits, but are not letting their employees participate. (Wages in my companies have more than doubled.) The state, including the central bank, also has a duty of care to its employees, which means that it must ensure that they have a reasonable living. The fact that Ranil doesn't take care of this is a blatant neglect of the population and shows that he has completely failed in his economic upswing and therefore as president.

    Gabriella Sunday, 25 February 2024 04:48 PM

    If people aren’t remunerated to Western standards, they will seek employment overseas. Then, all “you” brain-dead coconut pluckers will be complaining about corruption, as people remunerate themselves ( take bribes). If the system is to be reformed, people have to be able to live comfortably on their wages. Stop this jealous whining.

    Tissa Fernando Sunday, 25 February 2024 11:18 PM

    Sounds like NPP judgement awaiting anyone living a good life now. These guys are expecting to reverse the roles. So , the man on other street will occupy the positions now being held by those educated professionals. That's exactly the mentality of those supporting NPP although those running for election within the NPP have got different objectives.

    SENIOR CITIZEN Sunday, 25 February 2024 03:51 PM


    ACA Sunday, 25 February 2024 03:57 PM

    This rubbish statement itself proof these guys do not deserve a salary’s hike. Try to fool the people like politicians.

    Sivalingam Sunday, 25 February 2024 05:17 PM

    CBSL leeches are getting paid by public tax money. Not like the private sector.

    Jayantha Sunday, 25 February 2024 06:34 PM

    Resign and go home. Bunch of crooks nothing else. When cb was robbed nothing was done by cb upto now to recover them and culprits are nicely laughing at the general public. now top management has robbed the tax payers money by increasing the salary when country is still struggling. Go home now.

    sam Sunday, 25 February 2024 07:29 PM

    CBSL staff is finding difficult to live while others are unable to even think of a life!

    Tissa Fernando Sunday, 25 February 2024 11:25 PM

    Really, why are the roads and highways jammed with super luxury cars, vans, busses, why are the hotels full of local tourists, why are the fine dining restaurants full, why is it difficult to get a wedding reception hall at any of the big hotels , why so many are carrying latest mobiles ha ? Why 70% of the ardable land is not used for growing any food crops? Why is it difficult to find a person to get the garden cleaned at Rs 6000 per day salary. ? Why do we need to hire indian graguates to fill our IT jobs ? Answer why?

    Ashley Sunday, 25 February 2024 07:43 PM

    Ranil during his premiership in Yahapalanaya regime, especially imported Mahendran to initiate his infamous ‘Central Bank Looting project’ which turned to a failure due to arrogant objection of NPP, but so far no judicial justification for citizens of the country, Cabraal experimented all sort of fishy dealings and made bank loose billions but at the end, he himself got elevated to cabinet ranking governor and left after securing pension, but rightfully Supreme Court identity him as financial criminal and punish him duly, Economy of the country run by not non professional politicians but economists of central bank but till the date the country announced its bankruptcy those pandits totally unaware of it, in recent supreme courts judgement, found whole monetary except two members are responsible for Srilanka economy and punished them,Do officials such a place need salary increase? That also by exorbitant 70%, should not

    Sambo Sunday, 25 February 2024 07:50 PM

    The president tells the people that they have to go through hardships untill further notice and you peopele at the central bank increase your salaries by 70%. Is this fair by you. If your say that you're the most educated staff in the central bank then what were you doing when the Central bank for robbed of it's dollars and gold deposits. And then declared as bankrupt. Yu all should be fired with immediate effect.

    Amal Fernando Sunday, 25 February 2024 07:50 PM

    Surprised to see some justifying the salary revision. Poor decisions/ actions of CBSL officials have taken away almost 36% of income of ours by direct taxes apart from other indirect taxes. We curse you all for making merry while budning the entire nation.

    Tissa Fernando Sunday, 25 February 2024 11:32 PM

    Salary increase is justified. If not you will have to employ three wheel drivers to run the Central Bank. I think this is what those with NPP mentality are hoping for.

    Tariq Sunday, 25 February 2024 09:25 PM

    What the Central Bank of Sri Lanka has done is the correct thing. When Inflation is so high isn't it the correct thing to increase salaries by 70 percent. Because employees also need to live at the end of the day. These corrupt politicians make a mockery of that also. It's fair to pay Inflation Linked Salaries.

    Concerned Citizen Sunday, 25 February 2024 09:27 PM

    Please also clarify if you pay taxes on the massive amount of free benefits enjoyed by CBSL officials - like luxury holiday bangalows for only LKR 500 per day, fully paid scholarships to worlds best universities, free use of official vehicles and drivers and official bangalows ??

    Tissa Fernando Sunday, 25 February 2024 11:30 PM

    NPP jealous mentality.

    DJ Sunday, 25 February 2024 10:45 PM

    Why are you all surprised, this is how it works and will continue.

    RETIRED FROM PRIVATE SECTOR - TAX PAYER LAST 48 YEARS Sunday, 25 February 2024 11:04 PM

    We are your Employer; THE INDIVIDUAL INCOME TAX PAYER. Our threshold has been reduced to Rs.1.2 Million per year and quarterly Income Tax gone up by MINIMUM Rs.225,000 per quarter. WE DO NOT AGREE TO ANY SORT OF SALARY INCREASE TO OUR SERVANTS - The Public Servants AT THIS TIME!

    CBSL will have excuses like when it comes to their own salaries Sunday, 25 February 2024 11:31 PM

    When EPF had to get interest haircut CBSL had good reason, when they do a myriad of other awful things that impact public, they CBSL officials always have great logic. Now when it comes to this mad pay rise, we see their own character. They are utterly self serving trying to get as much of the public purse, while limiting the opportunities for all those outside. CBSL officials and staff are like mafia overlords and thugs beating down the public and using the public money to live lavishly. Have to see the how the SJB who from the beginning were fans of current CBSL handle it. Especially Harsha De Silva who always used to speak so well of those Yakku.

    Ex Monday, 26 February 2024 12:13 AM

    Nandalal plays the violin while the country is in flames. Practice what you preach to others.

    Simon maama Monday, 26 February 2024 01:01 AM

    This is not the Central Bank of Australia or any other country. The governor has forgotten that he is in Sri Lanka and he is the chief Central Bank of Sri Lanka. The fellow is not to be taken seriously, as he has turned a blind eye on the misery experienced by many workers, families, children and old aged people without food, medicines, clothes and shelter. The architect who declared bankruptcy. If this happened during our King's time this fellow could have met the real punishment. This fellow is no different from another Central Bank that everyone knows of.

    Waco Monday, 26 February 2024 05:40 AM

    These are just to add ICING to the Cake before the elections.

    Kps Monday, 26 February 2024 05:51 AM

    Pathetically distributing tax payers hard working money among a gang of thieves.

    Kps Monday, 26 February 2024 05:53 AM

    Why there is a pay hike now ? What about same people who worked in past brought the country into disaster, isn’t the time to pay back to the Nation.

    Tharindu Monday, 26 February 2024 06:33 AM

    This is primarily a matter of professional ethics of the CB Governor and the monetary board. All other government servants received Rs. 10,000 nominal pay hike while it's alleged that some CBSL officials have enjoyed pay hike of about Rs. 700,000. Doctors and other health workers have been on the streets to obtain an allowance of just Rs. 35,000. Ironically almost all CBSL higher rank officials who worked there in recent years are directly responsible for the country's economic collapse. One can even doubt whether there was a CB in this country at the time of this economic mismanagement! Under the leadership of Mr. Nandalal, the CBSL has not done any magic to recover the economy except that they have just followed exactly what the IMF have imposed on them at the expense of the general public. So do the CBSL employees really deserve any pay hike above what was given to other government employees???

    The Citizen's Voice Monday, 26 February 2024 06:37 AM

    Shouldn't this CBSL and its top officials actually be penalised for this economic mismanagement rather than being rewarded? What a shameless and unethical act?

    LOKKA Monday, 26 February 2024 07:08 AM

    SENIOR CITIZENS' PLIGHT. While all powerful sectors, trade unionists and others in powerful positions, get salary increases, the most vulnerable segment of the population, the SENIOR CITIZENS, are not only ignored but discriminated against as the concessionary interest rate on their FDs of 15 lakhs has been removed by the Parliament. With the lowering of interest to less than 8%, their income is halved, leaving these senior citizens in a desperate position. Will the authorities take the necessary remedial measures to address this discriminatory decision forwith.

    FredSnR Monday, 26 February 2024 07:28 AM

    Ranil please have an election soon because this way we are playing one section against the other judging by comments above( which may not be your intention)The problems are real. will only get worse

    Priyanka Kanepala Monday, 26 February 2024 08:04 AM

    The same was told by the man climbed on a Kithul tree while moving down after seeing the owner is coming! I am coming down because no THANAKOLA up there on your Kithul tree!! Good for Gon 225 Pattiya.

    Dan Monday, 26 February 2024 08:07 AM

    This is not a clarification. It's a statement that they didn't receive an opportunity to address the parliament. If they are so transparent why cannot they explain the process to the public

    Sambo Monday, 26 February 2024 08:27 AM

    There is nothing to clarify. Either they work for the former salary or get kicked our. Look at the perks they get. Are they some kind of highly educated pundits and there is no one else in this country.

    Citizens Monday, 26 February 2024 11:15 AM

    The explanations are all humg. These are all poor tax payers money. The country and the poor taxpayers are suffering with ridiculous increases in electricity tariffs, water Bill's, Medicines, food etc.,etc., but the CB crocks and families are enjoying luxurious life at our expense. Who is to be blamed for this? Nobody except the Finance Minister and the corrupted Cabinet of RW., the man empowered by GR to uplift our economy. Shame these guy's are all thieves and dishonest to our country. All people please open your eyes and think twice before casting your votes.My prayers is the families and children's of these thieves should bleed blood until their death.

    Point of view of CB employees Monday, 26 February 2024 11:24 AM

    This much of salary increase must necessary for a employee who lives on monthly wage, CB governor knows well how to calculate it, and implemented right percentage within his perimeters, employees of other institutions should demand their wish to respective bosses and ask them too follow CB governor’s generosity as example

    Nimal R Tuesday, 27 February 2024 02:47 AM

    As it's government or taxpayer's money used for the hike, how can it be justified? A private company can reward employees if it has improved performance but has Central Bank even shown any such increase in performance?

    Indika Wednesday, 28 February 2024 11:16 AM

    Reduce their salary

    Dilshan Karunathilake Wednesday, 28 February 2024 12:55 PM

    Typical BS by CBSL. CBSL is NOT a profit making venture. The govt lags behind in collecting revenue. All private companies have stopped increments and allowances and bonuses. The GOSL does not have money to buy essentials. What is the rationale.. Dr for your 1.6 million? From the tax money collected from people who already starving and find it difficult to make ends meet? The curse of these people, whatever the rationale you give.. Will curse all of CN Staff and you for generations. You all are psychopths. SICK cuntry The cuntry has gone literally to the dogs and guess you know who the dogs are And your statement DOES NOT TELL ANYTHING ABOUT the amounts. EMPTY WORDS> DAILY MIRROR CAN YOU EXPOSE THE SCALES of CBSL Staff? ANYWAY THEY ARE PUBLIC SERVANTS AND THEIR REMUNERATIONS SHOULD BE known by the PUBLIC we who pay them

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