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Pension entitlements for CB Governors cancelled
The Central Bank of Sri Lanka (CBSL) yesterday announced the cancellation of pension entitlements previously granted to governors appointed after January 1, 1998.
In a gazette notice signed by CBSL Governor Nandalal Weerasinghe, the Central Bank announced that the relevant rule pertaining to pension benefits under the Monetary Law Act is rescinded, effective from September 11, 2024.
“Accordingly, pension payments to a person who has been appointed as the Governor shall be discontinued, and no claims for pension payments shall be entertained by the Central Bank of Sri Lanka after the said effective date,” the gazette notice stated.
Under the earlier regulations, Central Bank governors appointed after January 1, 1998, were entitled to receive a monthly pension equivalent to 74 percent of their last basic salary regardless of their length of service.
The previous rule also included provisions for suspending pension payments in cases where former governors faced criminal investigations or proceedings.
If convicted of a criminal offense, the governor was to be subjected to losing their pension entitlement.
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