Business

Current ‘discourse’ on CBSL salary revisions ‘extremely partial and based on personal agendas’

Published

2 years ago

2024/02/27

We, the Central Bank Executive Officers’ Union (CBEOU), as a professional union representing the Executive Officers of the Central Bank of Sri Lanka, wish to clarify some facts, as it was evident that the discourse on the recent salary revision of the Central Bank of Sri Lanka is extremely partial and raised without proper knowledge of the facts and / or based on mere personal agendas, the CBEOU said in a press release.

The release signed by the Union’s General Secretary M.N.P. Jayaweera and president, D.J. Perera, explains: ‘Central Bank of Sri Lanka was established as an independent institution since its inception. Accordingly, the previous Monetary Boards as well as the current Governing Board have been assigned the decision-making independence related to administration on a logical basis and that administrative independence remains the same for other central banks around the world.

‘Accordingly, since the inception, the Monetary Board decided the recruitment procedures, professional training and salaries related to the Central Bank service. It should also be mentioned that neither the previous Monetary Boards or the present Governing Board include the employees of the Central Bank, and that the members of the Governing Board are scholars and professionals in a variety of fields of the country. Considering the corporate governance practices, salary revisions have been done in every three years in the Central Bank of Sri Lanka for several decades as similar to certain state sector establishments.

‘The 2024-2026 collective agreement is an agreement reached by all parties after several rounds of bargaining between all the unions and the Governing Board of the Bank. Accordingly, all parties are bound to work under the terms of the collective agreement for the next three years.

‘It is no secret to society that salaries in the Central Bank of Sri Lanka are at an elevated level compared to other government services. Also, the Central Bank of Sri Lanka, which is the apex financial institution in the financial system that supervises licensed banks and registered non-bank financial institutions, must be compensated competitively in line with the institutions they supervise, in order to discharge their duties without influence. Due to this situation, the educated youth community of this country is eager to leave jobs in the government as well as private sector to join the Central Bank service. Students with a First or Second Upper-Class degree in a limited range of subjects are recruited to the Central Bank staff class after passing a highly competitive examination and interview(s). It is also a known fact that the passing percentage is exceptionally low for this entry examination.

‘Furthermore, unlike other government employees, there are many other limiting factors including legal barriers that make it impossible for the Central Bank professionals to use their professional qualifications to set up private practice. Since, the Central Bank is not a commercial institution and is a closed service, the promotion opportunities available to Central Bank employees are rather limited.

‘It is a generally accepted opinion that if there are limiting factors related to a service, a specific payment (compensation) should also be made related to that service. Further, the salary of a particular job is determined based on the responsibilities pertaining to its delivery, the qualifications to be met and the demand/supply for the job in the labor market. Based on the knowledge and practice of central bankers, their potential job market will be the financial sector or monetary policy making within or outside the country. In the past year alone, the Central Bank of Sri Lanka has lost nearly a hundred officers of its wealth of human capital, and the fact that some have joined international organizations including the World Bank and its affiliates, Bank of England, and the Commonwealth Secretariat, etc. is a confirmation of such movements.

‘If this salary revision did not take place, a considerable number of the remaining officers would have left the Central Bank of Sri Lanka as well as the country and the Bank’s activities could have been severely disrupted. It is such a pity that the ongoing criticisms utterly disregard this reality. It is not clear why those who raised their voice over the possible brain drain in the past are raising their voice against the measures taken to prevent it from happening.

‘Moreover, in a backdrop of no revision of pensions, the fact that the pensions of Central Bank pensioners have been increased by about 70% is a complete fallacy, and it is apparent that such news was purposely planted in the society to tarnish the image of the Central Bank of Sri Lanka in the face of personal agendas of certain parties.

‘For the progression of a society, existence of rational discourse is beneficial, but we can clearly observe the political and personal agendas operating under the guise of the one-sided dialogue in the society at present. In view of the inflation and existing tax burden in the country, private institutions including some private banks have taken various measures to avoid the inconvenience caused to their employees, and it is the opinion of our union that salaries should be revised in other sectors including government institutions.

‘Even though it has been proclaimed through a Supreme Court decision as to who holds responsibility for the country’s economic crisis, basis for accusing the Central Bank officials as “economic hit men”, should be explained by the so-called politicians before the society. Similarly, if there are (or were) such officers, there is no impediment in taking appropriate disciplinary actions against such individuals through an independent investigation and such an independent investigation process will definitely receive the fullest support of our professional Union.’

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Business

CEAT Kelani crowned ‘Best Tyre Manufacturer’ at inaugural Automobile Industry Awards

Published

21 hours ago

2026/06/21

Thilina Walpola

CEAT Kelani General Manager – Institutional Sales & OE Mr Indika Ellepola and members of CEAT Kelani team accept the award from the Minister of Industry and Entrepreneurship Development Sunil Handunneththi in the presence of the Chairman of the Automobile Industry Council Mr Ravith Silva and other dignitaries

CEAT Kelani Holdings has been adjudged the Best Tyre Manufacturer in the ‘Component Manufacturer’ Category at the country’s inaugural Automobile Industry Awards presented by the Automobile Industry Council (AIC) of Sri Lanka, in a significant endorsement of the company’s leadership in the country’s fast-evolving vehicle assembly sector.

The awards were presented at Temple Trees at a ceremony attended by government ministers, senior public officials, industry leaders and stakeholders from across Sri Lanka’s automobile ecosystem. Conceived as a national platform to recognise excellence, innovation and sustainability, the awards evaluate performance across criteria including technology, market impact, customer satisfaction and industry leadership.

CEAT Kelani’s recognition reflects its commanding position in the Original Equipment (OE) tyre segment, where the company supplies tyres for more than 90% of the vehicles assembled in Sri Lanka. Having entered the local vehicle assembly industry in 2012 with its first OE tyre supply, CEAT has rapidly established itself as the preferred tyre partner for assemblers, supplying over 150,000 OE tyres annually across a diverse range of vehicles including cars, SUVs, motorcycles, scooters, buses and commercial vehicles.

Today, CEAT tyres are fitted as original equipment on more than 30 locally assembled vehicle models spanning 11 global brands, underscoring the confidence placed in the company’s product quality, consistency and performance.

The company’s leadership in this segment is reinforced by its achievement of IATF 16949:2016 certification, making it the first tyre manufacturer in Sri Lanka to secure this globally recognised automotive quality standard. This certification affirms CEAT Kelani’s capability to meet the stringent requirements of international automotive OEMs while optimising supply chain efficiency and reliability.

CEAT tyres supplied to vehicle manufacturers undergo rigorous validation processes and have demonstrated superior performance across key parameters such as safety, durability, braking efficiency, ride comfort and noise reduction. Low rolling resistance and minimal vibration further enhance driving efficiency and user experience, aligning with global expectations of modern mobility solutions.

Beyond its industrial impact, CEAT Kelani also contributes significantly to the national economy. By manufacturing tyres locally, the company helps conserve valuable foreign exchange through import substitution, while sourcing 100% of its natural rubber requirements domestically, supporting the livelihoods of more than 10,000 rubber cultivator families.

The Automobile Industry Council, the apex body representing Sri Lanka’s automobile sector, was established under the joint leadership of key government ministries and operates as a private-sector-led, not-for-profit organisation. Its mandate includes driving sustainable growth, strengthening industry competitiveness and fostering collaboration between public and private stakeholders.

Business

ComBank’s ‘Max Loyalty Rewards’ soars to new heights with airline miles option

Published

22 hours ago

2026/06/21

Thilina Walpola

Reinforcing its commitment to delivering premium lifestyle value and rewarding experiences to its customers, the Commercial Bank of Ceylon has unveiled a significant enhancement to its Max Loyalty Rewards platform, enabling its cardholders to convert reward points into airline miles through a strategic integration with the national carrier’s ‘FlySmiLes’ programme and the frequent flyer programmes of other airlines.

Effective immediately, holders of Commercial Bank Premium and Platinum credit cards and Elite debit cards can seamlessly convert their accumulated Max Loyalty Rewards Points into FlySmiLes miles, unlocking faster access to flights and travel privileges with SriLankan Airlines.

The upgrade also encompasses other international frequent flyer programmes, broadening the global travel options available to eligible cardholders by extending the reach of the platform across multiple international travel networks, the Bank said.

The move represents a decisive step in elevating the everyday utility of credit and debit card spend, allowing routine transactions to translate directly into meaningful travel rewards. With SriLankan Airlines expected to be the preferred choice for the majority of customers, the partnership with the national carrier anchors the proposition, offering both familiarity and tangible value in the conversion of points to miles.

To mark the launch, Commercial Bank is offering a highly competitive promotional conversion rate of six Max Loyalty Rewards Points to one FlySmiLes mile, valid through 31st December 2026. The Bank said this market-leading rate significantly accelerates the journey from daily spend to international travel, enhancing the appeal of the Bank’s card portfolio.

Commenting on this latest development, Hasrath Munasinghe, Chief Operating Officer of Commercial Bank, said the enhancement reflects the Bank’s continued focus on delivering differentiated value to its customers. “Max Loyalty Rewards points are among the most valuable benefits offered to our cardholders, turning everyday spending into rewarding experiences,” he said. “Commercial Bank is also the first and only Bank to offer Max Loyalty Rewards points to both credit and debit cardholders, extending these benefits beyond credit cards. By partnering with SriLankan Airlines and other global carriers, we have significantly strengthened the Max Loyalty Rewards platform. Our cardholders can now think beyond conventional rewards and convert their everyday spending into memorable travel experiences. This is about enabling them to go further, more often, with greater ease.”

The airline miles conversion feature is available at no additional cost to eligible cardholders, with no enrolment or processing fees. Access is fully integrated into the existing Max Loyalty Rewards platform, allowing users to log in with their current credentials, view balances, and convert points instantly alongside standard merchant redemptions.

Business

Mangala Perera appointed C.W. Mackie Group CEO

Published

22 hours ago

2026/06/21

Thilina Walpola

Mangala Perera

C.W. Mackie PLC has appointed Mangala Perera as its new Group Chief Executive Officer (Group CEO), strengthening its senior management team with an experienced corporate leader with over 26 years of cross-industry experience.

Perera, who has served as a Director of C.W. Mackie PLC since April 2, 2012, currently holds the position of Executive Director – Group Chief Operating Officer of the company. He has held senior roles in marketing and general management both locally and internationally.

In addition to his responsibilities at C.W. Mackie PLC, Perera serves as Managing Director of Sunquick Lanka (Private) Limited and holds directorships at Sunquick Lanka Properties (Private) Limited, Kelani Valley Canneries Limited, Ceymac Rubber Company Limited and Ceytra (Private) Limited. He is also a Non-Executive Director of Phoenix Industries Limited.

Perera’s academic and professional credentials span multiple disciplines, including a Master’s degree in Financial Economics from the University of Colombo, a BSc (Hons.) Special Degree in Marketing Management from the University of Sri Jayewardenepura and a Postgraduate Diploma in Business and Financial Management from the Institute of Chartered Accountants of Sri Lanka.

He is also a visiting lecturer in Postgraduate Studies in Management at the University of Colombo and the University of Kelaniya, and contributes to several national-level project committees and professional judging panels as an active marketing practitioner.

Beyond the corporate sector, Perera has been involved in sports administration and previously served as President of the Sri Lanka Mercantile Volleyball Federation, where he played a key role in promoting volleyball and beach volleyball in Sri Lanka.

The company said the appointment reflects its continued focus on strengthening leadership and driving future growth.