President orders review of Central Bank salary hike

• Establishes a seven-member independent remuneration committee

The increase in staff remuneration at the Central Bank, which came under harsh criticism, will be reviewed, as per the orders of President Ranil Wickremesinghe.
To assess the review, Wickremesinghe has appointed an independent remuneration committee. Its members include Dinesh Stephen Weerakkody, Arjuna Herath, Indrajit Coomaraswamy, Sudharma Karunarathne, Anthony Nihal Fonseka, Anushka S. Wijesinha and Duminda Hulangamuwa.
The committee was established as a response to the mounting pressures from the Members of Parliament and Committee on Public Finance (CoPF), a statement from the President’s Media Division said.
The committee will review the contentious salary hike, based on the recommendations delineated in the CoPF report on the Central Bank salary revision.
The CoPF report, as presented to Parliament by Committee Chair Dr. Harsha de Silva, underscored the paramount importance of transparency and accountability in the actions of the Central Bank. It emphasises that while the Central Bank retains its autonomy, it is imperative for it to be answerable to Parliament, particularly amidst the prevailing economic challenges confronting the nation.
The committee will assess how reasonable the across-the-board salary increase is and will propose adjustments that are in consonance with the Central Bank’s mandate and economic exigencies. 

Furthermore, the committee is tasked with formulating a transparent formula for future revisions to the Central Bank staff remuneration, thereby fostering equity and transparency in the salary framework.
The CoPF also recommended that a report on the same be submitted within four weeks and that the Central Bank defer the salary increase until a mutually acceptable solution is arrived at, based on the findings of the report.
Until the matter is resolved, according to the CoPF, the Central Bank will suspend the salary hike, which was about 70 percent or more, from 
this month.