Prez appoints renumeration committee to review CBSL pay hike issue

President Ranil Wickremesinghe, in his capacity as the Minister of Finance, Economic Stabilization and National Policies, has appointed an independent remuneration committee to review the recent increase in staff remuneration at the Central Bank of Sri Lanka (CBSL).

The committee members include Dinesh Stephen Weerakkody, Arjuna Herath, Dr Indrajit Coomaraswamy, Sudharma Karunarathne, Anthony Nihal Fonseka, Anushka S Wijesinha and Duminda Hulangamuwa.

A press release issued from the President’s Media Division said that this appointment has been made in response to mounting pressures from MPs and the Committee on Public Finance (CoPF). This committee will review the salary hike based on the recommendations delineated in the CoPF report on CBSL salary revision.

The CoPF report, as presented to Parliament by Dr. Harsha de Silva, Chair of the Committee, says that while CBSL retains autonomy, it is imperative for it to be answerable to Parliament, particularly amidst prevailing economic challenges confronting the nation.

Furthermore, the committee is tasked with formulating a transparent formula for future revisions to CBSL staff remuneration, thereby fostering equity and transparency in the salary framework.

CoPF also recommended that a report on the same be submitted within four weeks and that CBSL defer the salary increase until a mutually acceptable solution is arrived at, based on the findings of the report.