Central Bank asked to provide report within one week

24 February 2024 07:27 am Views - {{hitsCtrl.values.hits}} 42 Bookmark

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Colombo, Feb 24 (Daily Mirror) - Amidst criticism over the exorbitant salary hike of the Central Bank employees, a top parliamentary committee has called for a report from the Central Bank on the legal provisions for such a salary increment without parliamentary approval.

Chairman of the Sectoral Oversight Committee on Alleviating the Impact of the Economic Crisis MP Gamini Waleboda said the matter regarding the salary hike was raised during the committee meeting on Thursday when the Central Bank officials were present.

He said the Central Bank is expected to submit the report on the salary increment next week and after that, the Central Bank and its Monetary Board would be summoned before the Sectoral Oversight Committee on Alleviating the Impact of the Economic Crisis.

He said the committee raised heavy criticism about the 70 per cent salary increase of the Central Bank employees amidst the economic crisis, and called it an immoral act.

“We instructed the Central Bank to provide a report by next week to justify the salary increase. They will need to provide the legal provisions that empower them to effect such an increment.

We will summon the Central Bank and its Monetary Board after receiving the report,’ he said.

Both government and opposition MPS in Parliament this week raised criticism over the Central Bank’s moves to increase their salary scales by 70 per cent. Chief Opposition Whip Lakshman Kiriella said the Central Bank Act had no provision to increase the salary of Central Bank employees without parliamentary approval and that it was illegal.

Comments - 42

Central Bank Governor and Co is too much Saturday, 24 February 2024 07:40 AM

The Central Bank Governor and his deputy governors are too much. They are causing too many problems. Their have has too cushy jobs, and employees saw through them. Not to be found out, he wants to pay them back for not revealing poor consideration behind the wicked actions causing life of public to be made miserable. With Central Bank employees even having pension fund outside EPF so they plan to get 70% increase in contribution while everyone else take haircut on EPF.

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Nimal Saturday, 24 February 2024 07:45 AM

Undoubtedly a horrendous and treacherous act. The organization that brought the country to its knees economically, has been given a free hand to increase the salaries of its staff exorbitantly. This guy nande should be chased away from his post. He has done nothing constructive to improve the economy of the country. Even the minister of finance is just a puppet in the hands of the governor.

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Avery Markham Saturday, 24 February 2024 08:00 AM

There should be a salary cap on anyone being paid with taxpayers money.

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Sambo Saturday, 24 February 2024 08:01 AM

Does the employees of the Central Bank think they are most educated

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Sivalingam Saturday, 24 February 2024 08:02 AM

CB is full of crooks said the best finance minister of vasia.

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Concerned Citizen Saturday, 24 February 2024 08:28 AM

Please check if all other benefits including the use of luxury holiday bungalows for LKR 550 per day, foreign scholarships in best universities in the world , use of official vehicles and residential bungalows are also taxed like all other private sector employees. CBSL officials have to feel the pain suffered by private sector employees in order for them to come up with the right policies and tax structures..

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Central Bank employees trying to have it like British Governors staff Saturday, 24 February 2024 04:50 PM

Parliament is lame to the Central Bank. They must get rid of the Central Bank Governor and his deputies. Currently Central Bank Governor says he is not replaceable, but really there are many idiots who can ruin EPF just like Central Bank staffers are right now, so nothing special about them.

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Hadiran Saturday, 24 February 2024 08:31 AM

CBSLs unilateral decision to raise their salaries by a huge margin including the pensioners does not support their argument that it was ment to avoid their migration ??? Can we believe them ?

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Sokrates Saturday, 24 February 2024 08:42 AM

Since Sri Lanka went bankrupt and inflation reached unprecedented levels, I pay my employees in euros plus inflation compensation. This meant that wages were more than doubled. This is a correct salary payment, other companies should also pay at least double what was paid before the country went bankrupt. The central bank's 70% wage increase is still far below my wage increase. People need to be paid reasonably, but of course only if they work properly according to German standards.

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Sam Silva Saturday, 24 February 2024 06:46 PM

You are way off base and very incompetent but not your fake name. This is srilanka we are talking about which is bankrupt and living in loans and dealing with Rupees.

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Terrence K Saturday, 24 February 2024 09:00 AM

Legislators with the crisis of bankcruptcy of the country did you all give thought when some were robbing the public purse and also enhancing your perks etc. Staff at the CB are covered under a 3 years collective agreement. Sometimes it is necessary to give high increments to retain these talented professionals who otherwise will be lost to this country. Like a factory churning out legislators who are good for nothing can you churn out talented professionals like Doctors, Lawyers etc. who have left the country for better prospects. The Legislators are the people who ruined this country by their half baked financial management whilst the staff of the Central Bank have only followed orders as govt. servants. Some of our legislators should find employment as garbage collectors or gossip mongers which is the ideal job description. Do not topple the boat by all your jealous talk as it does not hold water!!!!!!!!

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Mahila Saturday, 24 February 2024 01:42 PM

Legislators would be willing to work w/o Salary, if so required, because the Perks are fantastic and the Power that goes with that position!!?? What more none would speak about the Facilities to demand any sum of money they fancy, for their HELP!!?? The Legislator guys would never GO JOB SEEKING OVERSEAS, BECAUSE THEY WILL BE MISFITS!!!??? Not on IQ!? Perhaps in that respect they may SURPASS their equivalents OVERSEAS, but then downside unable to USE KADUWA!? Disadvantage! So, the Lankans are destined – Bear and Tolerate Them!!??

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Central Bank exploiting the system if they up salary by 70 legally Saturday, 24 February 2024 04:45 PM

There is no special talent in the Central Bank that needs 70% pay increase. The Central Bank if they had done the 70% pay increase legally, that is unlike what the SJB has done is doing so against the will of the country as whole.

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FredSnR Saturday, 24 February 2024 09:25 AM

The country need a bigger pie to divide up so everyone can get a bigger slice, can only be achieved by improving productivity. Salary increases are a short term measure it as it adds to inflation and in the long term leads to demands for further salary increases down the track when prices rise .Need Technology and Education and hard work to improve productivity but country is run by politicians many are opportunists looking for short term gains with no interest in the country who spend their time debating issues amongst themselves when they should be out in the field in their constituencies solving problems on the ground.As for the CB salary rise ideal opportunity for parliamentarians another opportunity for debate show their importance Country is run by the Executive President who decides parliament is just a rubber stamp as no one wants to rock the boat

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Nondipala Peterson Saturday, 24 February 2024 09:38 AM

Great! Nandapala go back to your pin DOLL in Australia! They need some HARAK like you!!

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FredSnR Saturday, 24 February 2024 01:02 PM

Seemed competent. Maybe he has got Ceylonised(Sri Lankanised)

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FredSnR Saturday, 24 February 2024 05:00 PM

Iam sure he will get an assignment with an UN agency or similar when he retires from there a thankless job so much politics

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johan Saturday, 24 February 2024 09:48 AM

The Government has many loopholes, Masters robbed one side and what happened to the missing dollars from Central bank during Rajapakses period.Why RW is not nagging about that rather than overtaxing people.May be the salary increase is to keep the employees silence.

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sam Saturday, 24 February 2024 09:58 AM

Gov could use this large amount of money to give some benefit to the public.

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roni Saturday, 24 February 2024 10:45 AM

Imagine the salary rise the Governor must have fashioned out for himself. Austerity measures for most Prosperity for a few. The Governor in any other country would have tendered his or her resignation on such controversies. Pathetic to say the least and may resort to printing to meet the salary bill.

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Sinna Saturday, 24 February 2024 10:57 AM

What central bank has done is correct, that amount of monthly earning should be there for maintain decent living standard for everyone, problem is central bank fellows only think of themselves, firstly, from their side it’s necessary to stop brain drain, but it’s not a proper explanation,Supreme court recently punished whole monetary board except two, for responsible for devastation of country’s economy, secondly, central bank engaged in, infamous bond scam in which country Looted to the tune of billions by senior management of the bank ,even current governor is also responsible as senior deputy governor then, thirdly, these bogus economists were unaware till the treasury is empty, why do we need this kind of economists, public decide do we have to give such a increment to them out of taxpayers pocket

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Dinruta Saturday, 24 February 2024 11:07 AM

Dr. Nandalal, Whilst I agree you guys deserve a raise may be even more than 70% , do you think it’s needed across the board ? Also have you at lease kept the cabinet briefed as its common sense that it’s going to be sensitize issue . Especially when you have your set of enemies within ?

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Why do you agree Central Bank employees deserve 70 percent salery increase Saturday, 24 February 2024 04:46 PM

EPF is being ruined by Central Bank. Majority of the country would beg to differ considering the running down of the EPF that the Central Bank deserves any pay rise.

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Senior citizen Saturday, 24 February 2024 11:18 AM

CENTRAL BANK EMPLOYEES,' SALARIES ARE INCREASED BUT THE FD RATES FOR SENIOR CITIZENS ARE A MERE 8% MONTHLY ... WE ARE SUFFERING TODAY BECAUSE OF THE HIGH PRICES OF EVERYTHING .. PLEASE CONSIDER US TOO AND GIVE US A DECENT MONTHLY FD INTEREST RATE SO THAT WE CAN SURVIVE THE LAST LAP OF OUR LIVES.

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Central bank worsen plight for others while getting salary perk for themselves Saturday, 24 February 2024 04:48 PM

SLC was crooked, now Central Bank trying dirty money grab games. Who can the Central Bank complain to when the leadership has to walk back on this unfair to society pay rise they give to staff.

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Sam Silva Saturday, 24 February 2024 06:49 PM

Perhaps if you work at central bank as a Peon you could earn Rs.70 000.00 per month.

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Jega Saturday, 24 February 2024 11:24 AM

This is not the time to increase salaries by 70% when the EPF of the ordinary citizens is undergoing a haircut. If you allow this type increase all government servant will ask the same type of payment to them which is not feasible at this time when we are running the country with the loans from IMF. Doctors also got a big increase and the government allowed it. What happened? All other staff started to request the same type of increase for them. Some people are speaking as if they live in a developed country. This is another blunder similar to Gota did to make SL bankrupt. If Nandalal cannot work for the present salary let him leave. There are enough talented people who can sacrifice for the country.. No one should think that only Nandalal can put the economy back on the track. He cannot create another financial crisis because of his greediness. He should set an example in the country for the ordinary citizens to accept what he has preached so far.

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Ashley Saturday, 24 February 2024 11:34 AM

@Terrence k, we, public are not challenging your paper qualifications but you Central Bank bond scam is inside job admit it, all senior management should responsible, that plundered the country to the tune of billions of rupees, then Nandalal was deputy governor, until the last moment,CB officials,not aware or not informed about the bankruptcy of the country, but they are paying relatively high salaries for handle the economy, Supreme Court found monetary board of CB directly responsible for economic devastation of the country, does country need this no quality officials or institution like current CB? NO,dissolve it,and start from the beginning

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DOT Saturday, 24 February 2024 01:00 PM

One thing is certain! Nothing will happen.

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Nagananda Kodi Saturday, 24 February 2024 01:35 PM

Central bank has set the standard. Finance Minister should now cancel the Rs 10,000 pay rise given in the budget and in lieu of it give a 70% salary increase to all wage earners in Sri Lanka

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Royb Saturday, 24 February 2024 02:57 PM

This comes under Finance Minister so what is he going? Is he dead and blind? No inefficient so he depends on the corrupt officials and they take him for a ride and the country suffers. If Mr.Cabraal can run the CB without going to IMF why the hell we need Nandalal paying huge salary and other perks. Please reduce the electricity tariffs by 40 percent.

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Sammy Saturday, 24 February 2024 03:47 PM

It is only the priviledged who get the lion's share of economic revival. The poor continue to struggle.

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THE CB GOVERNOR SHOULD RESIGN Saturday, 24 February 2024 03:59 PM

TIME TO SEND THIS CENTRAL BANK GOVERN BK TO WHERE HE CAME FROM AUSTRALIA. ANYONE KNOWS WHAT HE WAS DOING IN AUSTRALIA BEFORE HE LANDED THIS TOP JOB? BAD ENOUGH THE PRESIDENT HAS FAILED TO EVEN MENTION WHAT HE INTENDS DOING TO THOSE WHO BROUGHT DOWN THE COUNTRY TO ITS KNEES AND MAJORITY OF CITIZENS SUFFERING LIKE NO OTHER TIME IN THE HISTORY OF THE COUNTRY SINCE BRITAN HANDED OVER AND WE GOT INDEPENDENCE!! UNLESS RANIL HAS A MASTER PLAN AND FOR WHICH SIDE HE WILL PULL IS YET TO BE SEEN. WE NEED A PRESIDENT WITH A BACKBONE WHO WORKS FOR THE COUNTRY AND ITS CITIZENS. SC FINDINGS HAVE BEEN SWEPT UNDER THE CARPET, WHO'S CARPET IS YET TO BE SEEN. 70% INCREASE IS UNREALISTIC AT THIS POINT OF TIME WHEN WE ALL KNOW WHO WERE RESPONSIBLE FOR THE BOND SCAM. WHAT HAS CB GOVERNOR DONE TO HOLD THOSE RESPONSIBLE? KARMA/RETRIBUTION WILL COME TO THOSE WHO BROUGHT THE COUNTRY TO ITS KNEES AND RETRIBUTION DOWN TO THE THIRS AND FOURTH GENERATIONS.

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WE HAVE GOT MANY IN THE GOVERNMENT AND PUBLIC SERVICE FEATHERING THEIR OWN NEST AND SOON THE COOKOOS WILL FLY THE NEST Saturday, 24 February 2024 04:04 PM

THE PRESIDENT SHOULD PERMIT AN INDEPENDENT INVESTIGATION INTO THIS MATTER AND MORE IMPORTANTLY ABOUT THE BOND SCAM ETC. THESE SCUM OF THE EARTH ARE GETTING AWAY AND SOON THEY WILL BE RESIGNING AND OR RETIRING MILLIONAIRES.

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CitizenP Saturday, 24 February 2024 04:13 PM

IMF friendly Governor is disgraceful...

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Punchi Thusithaya Saturday, 24 February 2024 05:01 PM

Is this a bank owned by the Sri Lanka government or a private institution like the Federal Reserve? Full Stop.

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Sam Silva Saturday, 24 February 2024 06:52 PM

All banks except the state banks should boycott central bank and function independently. Not to comply with their regulations anymore.

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Sera Saturday, 24 February 2024 08:34 PM

The Central bank salary was just over $5000 -$6000from Civil servant salary from inception of the CBSL, until AS Jayawardena's governance. But Cabraal increased salary several fold and Arjuna also did the same. Central bankers are entitled additional income like 2 months gross salary as bonus, highly subsidized food, housing and car loans at very low interest rates, unlimited medical benefits, encashment of unused leave entitlement and funding overseas post-graduate and training programs. Parliament should request CBSL to publish gross salary of all staff. The office assistant(Peon) get higher salaries than a graduate teacher. CBSL should be reformed. All agency functions like public debt ,EFP , Exchange control should be separated from CBSL. Finance secretary is a central banker and Governor is a central banker and all nominated members of Monetary board are just yes boys. ( They benefit from high payment for each sitting and get valuable confidential information). Public should pro

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Karalasingam Sivalingam Saturday, 24 February 2024 08:47 PM

This increase will propel all other bank employees to demand same, even teachers, government servants too would demand same, ultimately, the general public would have to face high cost of living.

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FredSnR Sunday, 25 February 2024 04:25 AM

You are right leading to hyperinflation big mess for a small country to handle will India be there to bail us out again or will it be a takeover sorry handover (of assets) only time will tell

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48 YEARS AN INCOME TAX PAYER. Saturday, 24 February 2024 10:47 PM

WE ARE TAX PAYERS. WE DO NOT AGREE TO INCREASE IN SALARIES TO ANYONE AT THIS JUNCTURE. WE CANNOT AFFORD IT. IF THEY MIGRATE, WE CANNOT HELP IT. In the case our domestics too it is the same principle. My Income Tax increased by Rs.75000 with the Personal Income Tax threshold being reduced to Rs.100,000 per month. Where am I to reduce expenses by Rs.2500 per day? I do not use any fan, eat one meal day - I am a retired private sector senior manager WITHOUT PENSION!

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Terrence K Sunday, 25 February 2024 12:41 PM

@Ashley - It seems you have lost your marbles as I have not been an employee of the CB. There is no necessity of continuing any dialogue on this matter.

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