News

CBSL denies 70% pay hike

Published

3 years ago

2024/02/26

Thilina Walpola

… seeks opportunity to tell Parliament its side of story

No salary increases for Central Bank workers until 2027

Trade unions, etc., agreed to pay hikes

by Shamindra Ferdinando

The Governing Board of the Central Bank of Sri Lanka (CBSL), embroiled in an ongoing controversy over recent salary hikes granted to its employees, has sought an opportunity to explain to Parliament what a senior official called the rationale behind the pay hike.

Authoritative CBSL sources told The Island that the request had been made through the Finance Ministry to Parliament seeking an early meeting with the relevant committees.

The Governing Board consists of Dr. P Nandalal Weerasinghe (Chairman), A N Fonseka, Dr. Ravi Ratnayake, Anushka S Wijesinha, Vish Govindasamy, Rajeev Amarasuriya and Manil Jayesinghe.

Responding to queries, sources denied accusations that the CBSL employees had been granted over 70 percent salary increase with effect from January this year. When The Island pointed out that several lawmakers had openly accused the CBSL of doing so and State Finance Minister Ranjith Siyambalapitiya declaring that the government couldn’t intervene due to the enactment of new CBSL Act, sources said that the Parliament could address the issues at hand by giving the CBSL an opportunity to give its side of the story.

Sources said that following the latest salary revision, the monthly salary bill increased by 50 percent. However, those who had been attacking the CBSL, over the salary increase, had conveniently forgotten 24 percent of that amount had been deducted and sent directly to the Inland Revenue Department as PAYE (Pay As you Earn) tax.

Sources pointed out that CBSL staff would not be entitled to salary increase until 2027 whereas the government usually granted pay hikes to workers in the state sector.

Sources denied claims that the latest salary increase has been granted under the new CBSL law. Referring to the relevant legal provision in the law, sources said: “The CBSL followed the same procedure it has been following during the last few decades. This has nothing to do with the new CBSL law. These provisions were there even in the previous law.”

Sources said that those who had received higher salaries paid taxes amounting to 36% to the government, and the latest salary increase had been determined, following consultations between the top management and recognized trade unions of the CBSL. According to sources, the management and trade unions commenced signing of three-year collective agreements, beginning in 2000. The latest agreement covers the 2024-2026 period.

Sources said that instead of asking the CBSL for an explanation, a section of the media had gone on the offensive on the basis of unsubstantiated claims and accusations. “They politicized the issue and sought to direct public anger at the bank at a time it was working overtime to bring about economic recovery,” a senior CBSL official said.

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Business

“ViYASA” National Business Facilitation Centre (NBFC) to be opened tomorrow (22)

Published

29 mins ago

2026/09/21

Priyan

The National Business Facilitation Centre (NBFC), which is being established under the Presidential Secretariat with the aim of removing administrative and regulatory barriers that exist among government institutions in relation to investment and industry and expediting these processes, will be opened tomorrow (22).

The centre is being established on the President’s initiative with the aim of bringing about a positive transformation in the industrial sector. The centre will provide solutions to issues that arise in dealing with the government machinery when starting and operating a business, while also coordinating with the relevant government institutions to provide the necessary facilities.

The “ViYASA” National Business Facilitation Centre (NBFC) has been established at Building C-80, Hector Kobbekaduwa Mawatha, Colombo 07, and is headed by Senior Additional( Secretary to the President, Seevali Arukgoda.

The centre will be opened under the patronage of Minister of Labour and Deputy Minister of Finance and Planning Dr Anil Jayantha Fernando and Minister of Industry and Entrepreneurship Development Sunil Handunnetti, with the participation of Secretary to the President Dr Nandika Sanath Kumanayake.

The website https://nbfc.presidentsoffice.gov.lk is also scheduled to be officially launched on the occasion.

President’s Media Division)

Latest News

Court of Appeal Judge M. Sri Mevan Anthony Edirimannasuriya Corea appointed as Acting President of the Court of Appeal

Published

33 mins ago

2026/09/21

Priyan

President Anura Kumara Dissanayake has appointed Court of Appeal Judge Mayadunna Sri Mevan Anthony Edirimannasuriya Corea as the Acting President of the Court of Appeal.

The appointment has been made as President’s Counsel Nalin Rohantha Abeysuriya, who currently serves as President of the Court of Appeal, will be overseas until the 24th.

Accordingly Judge Mayadunna Corea was sworn in as Acting President of the Court of Appeal before President Anura Kumara Dissanayake at the Presidential secretariat this morning (21).

Secretary to the President Dr Nandika Sanath Kumanayake was also present at the occasion.

(President’s Media Division)

Latest News

President instructs expediting further measures concerning Sivarasa Anojan, sentenced to death in Saudi Arabia

Published

37 mins ago

2026/09/21

Priyan

A discussion to review the further measures that could be taken regarding Sivarasa Anojan, a young Sri Lankan national who has been sentenced to death in Saudi Arabia, was held at the Presidential Secretariat this afternoon (21), under the patronage of President Anura Kumara Dissanayake.

The discussion focused on the measures taken to date concerning Sivaraasa Anojan and the further diplomatic and legal steps that could be pursued. Attention was also given to expediting the necessary further measures that could be taken to secure his release.

President Anura Kumara Dissanayake instructed officials to continue the necessary diplomatic engagement with the relevant authorities in Saudi Arabia and to maintain close and continuous involvement in all further measures concerning the case.

Reaffirming the Government’s continued attention to the safety and welfare of Sri Lankans living and working overseas, the President also stressed the need for the relevant ministries and institutions to work in close coordination and pursue all possible measures that could be taken in connection with the case.

Deputy Speaker Rizvie Salih, Deputy Minister of Religious and Cultural Affairs Muneer Mulaffer, Governor of the Western Province Hanif Yusoof, Secretary – Ministry of Foreign Affairs, Foreign Employment and Tourism Aruni Ranaraja, Secretary to the Ministry of Defence Air Vice Marshal Sampath Thuyacontha (Retd), Attorney General Parinda Ranasinghe and officials of the Ministry of Foreign Affairs, Foreign Employment and Tourism were also present at the discussion.

(President’s Media Division)