Parliament, Central Bank set to discuss salary hike

2 March 2024 08:39 am - 8 - {{hitsCtrl.values.hits}}

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Colombo, March 2 (Daily Mirror) - Parliament is in a dilemma whether it can undo the salary hike implemented by the Central Bank for its employees in large proportions amidst fiscal austerity, the Daily Mirror learns.

The Central Bank recently increased the salaries of its employees by proportions of 29.53 percent to 79.97 percent under a triennial pay revision.

It happened when the government instructed all the state institutions to economize its expenses due to financial constraints. With the latest pay hike, the monthly pay of the Central Bank duty governor has been increased to Rs.1.7 million from Rs.974,965.

Following widespread criticism over the exorbitant pay hike, the Central Bank said it would clarify the matter to Parliament.

“In this regard, the Governing Board at its meeting held on 21.02.2024, requested the Governor of CBSL, acting in terms of Section 80 (2) (b) of the Central Bank of Sri Lanka Act No. 16 of 2023, to make a written request to the President in his capacity as the Minister of Finance, through whom the CBSL normally communicates with Parliament, to seek an opportunity to apprise the Members of the Parliament through an appropriate parliamentary committee of the process and rationale pertaining to the recent revision of remuneration of CBSL staff.

The Governor has accordingly made a written request on 22.02.2024. CBSL will explain its position upon being offered the requested opportunity or on receipt of a request for information,” the Central Bank said.

The Business Committee of Parliament, a body headed by Speaker Mahinda Yapa Abeywardena and represented by members from the parties, decided yesterday to summon the Central Bank officials for a meeting on March 5 to inquire into the matter.

Some MPS argue that Parliament has little to do in this regard because the Central Bank is an autonomous body and enjoys powers vested with it in terms of a law passed in Parliament.

However, another section of MPS holds the view that Parliament has the sole discretion to decide on public finance and therefore it can intervene in the Central Bank’s affairs in this regard.

Comments - 8

TAX PAYER LAST 48 YEARS Saturday, 02 March 2024 03:28 PM

Elders Allowance Paid to Over 70s REDUCED from Rs.5000 TO Rs.1900 per month effective March 2024. PUBLIC SHOULD BE NOTIFIED...

saman Saturday, 02 March 2024 03:58 PM

Summon the Central Bank officials for a meeting on March 5 to inquire into the matter. This handa mama will say yes to any request. Ask him how many relatives of his are working as senior members of CBSL?

Hard hit Senior Citizens Saturday, 02 March 2024 05:01 PM

At a time when the president is struggling hard to rebuild the economy asking people to make sacrifices it not fair the central bank officials to increase their salaries by tremendous amounts because they are already receiving big salaries and other perks. The President is honest and fair to all working classes he should withdraw this pay increases done by GCB forthwith forthwith calling an explanation from CB

sam Saturday, 02 March 2024 05:07 PM

What about the unemployed and those outside the CB?

Sambo Saturday, 02 March 2024 07:11 PM

The president should take total responsibility as he is the one who made the central bank a free entity. First thing they do is increase their salaries as if they the rarest and most educated spices in the country. They keep issuing false data and mislead the public. This salary increment should be stopped or else they could leave.

Kala Kanni Saturday, 02 March 2024 07:15 PM

You approve this and I would not pay my taxes...buggers!!!

Sivalingam Saturday, 02 March 2024 10:49 PM

Nandalal was the deputy of Arjuna Mahendran during the Bond scams of 2015 and 2016.

Kandiah Balendran Saturday, 02 March 2024 10:50 PM

Biggest crooks are at the Central bank said the best finance minister of Asia.

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Parliament, Central Bank set to discuss salary hike

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