CBSL accepts all recommendations from COPF report on salary hikes

The Governor of the Central Bank of Sri Lanka (CBSL) has informed the Committee on Public Finance (COPF) today (March 21) that they accepted all recommendations from COPF report on salary revisions, the Chairman of the COPF, MP Dr. Harsha de Silva said.

He also mentioned that President Ranil Wickremesinghe will appoint a committee to review salaries as soon as possible, until which salary increases will be deferred from next month.

Furthermore, he stated that they have agreed on a 4-week timeframe for the committee’s report to ensure a swift resolution. 

Taking to X (formerly Twitter) to announce this, MP de Silva said: “I am glad we were able to come to a consensus without an amendment to the CBSL Act. Thank you to all involved for working towards a positive outcome.”

On Wednesday (March 20), the COPF recommended to the Central Bank to defer the salary increases until a mutually acceptable solution is reached on the matter. This was mentioned in the COPF report on the Central Bank Salary Revision 2024-2026, presented to the parliament by the committee’s chairman Dr. Harsha de Silva.

COPF compiled this report on the recent salary increase of the Central Bank staff members upon a request made by President Ranil Wickremesinghe, in his capacity as the Finance Minister. The request came about after several MPs raised this issue in the House, joining the general outcry opposing the steep salary increase.

In its recommendations, the COPF says the Finance Minister should, with immediate effect, appoint an independent remuneration committee with the concurrence of the Central Bank Governor to review the salary increase under discussion.

COPF also recommended that a report on the same be submitted within 4 weeks and that Central Bank defer the salary increase until a mutually acceptable solution is arrived at, based on the findings of the report.

The COPF further noted that the members of this independent remuneration committee need to be co-opted from Central Bank as well as from outside; both within and outside the public sector as necessary.

COPF says it expects this committee to arrive at reasonable adjustments in remuneration for all staff categories, keeping in mind the expertise of the specialised staff and comparability of the same as relevant to the Central Bank.

Proposing that the methodology for determining salaries of professional staff be decoupled from non-professional and minor staff, the COPF went on to recommend that this committee arrive at a transparent formula for future revisions to CBSL staff remuneration.

#CBSL Accountability to @ParliamentLK established. Gov @CBSL informed COPF today that they accepted ALL recommendations from COPF report on salary revisions. Pres @RW_UNP to appoint a committee ASAP to review salaries, until which salary increases will be deferred from next month

— Harsha de Silva (@HarshadeSilvaMP) March 21, 2024

2/ We also agreed on a 4-week timeframe for the committee's report to ensure a swift resolution. I am glad we were able to come to a consensus without an amendment to the @CBSL Act. Thank you to all involved for working towards a positive outcome. #lka #SalaryRevision #Democracy

— Harsha de Silva (@HarshadeSilvaMP) March 21, 2024