Business
Current ‘discourse’ on CBSL salary revisions ‘extremely partial and based on personal agendas’
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.’
HNB Assurance PLC was recognized at the Great HR Awards 2025, receiving the Merit Award in the Finance, Insurance, Real Estate, and Investment sector. This recognition reflects the company’s continued commitment to strengthening its people strategy, nurturing a progressive culture, leveraging technology and maintaining strong industrial relations.
Sharing his thoughts on this accomplishment, Lasitha Wimalarathne, Executive Director / Chief Executive Officer of HNB Assurance PLC, stated, “This recognition reiterates our belief that people are the true drivers of our success. Over the years, we have invested significantly in building an environment where our teams feel inspired and supported to deliver their best. As we continue to grow as one of Sri Lanka’s best insurance companies, this award reflects our ongoing efforts to build a workplace where both our people and our business can thrive. My sincere thanks go out to our HR team for continuously driving these initiatives.”
Commenting on the award, Navin Rupasinghe, Head of HR / DGM at HNB Assurance PLC, said, “Our people-first philosophy shapes every HR initiative we design, from strengthening learning pathways and leadership development to enhancing employee well-being and engagement. This recognition validates our ongoing efforts to build a workplace culture grounded in trust, inclusivity and performance. As we look ahead, we remain committed to evolving our HR practices to meet the expectations of our people and the future of work. My sincere thanks to the CIPM for this recignition.”
MullenLowe Sri Lanka has been awarded Gold as the Rest of South Asia’s Creative Agency of the Year at the Campaign Agency of the Year Awards 2025, held recently at Mumbai’s ITC Maratha Hotel. The accolade marks a landmark year for the agency, driven by breakthrough ideas, ambitious brands, and a surge in economic activity.
Campaign Agency of the Year – South Asia 2025 (Rest of South Asia – Creative Agency) awarded to MullenLowe Sri Lanka
Guided by a clear creative vision and extensive category expertise across 111 brands in 33 sectors, MullenLowe strengthened its position through strategic leadership appointments, talent acquisition, and the integration of AI-enabled tools. These initiatives created an environment where creativity, learning, and commercial impact worked in tandem, supporting long-standing client relationships and consistent new business momentum.
Thayalan Bartlett, Executive Chairman, said, “Our growth is rooted in a people-first, creative-centred culture. By attracting top talent and focusing on continuous upskilling, we have enriched both our creative and strategic capabilities.”
The agency’s innovation was further enhanced by Fever, its AI-enabled production studio, and LoweGo, a subscription-based design unit, enabling faster and more scalable solutions for modern marketers. Training programs, including an international AI workshop in Baku for top creative minds, helped unify teams around technology-driven creativity, leading to MullenLowe’s highest Effie points haul in a decade.
Harendra Uyanage, Senior Vice President and Executive Creative Director, added, “This recognition celebrates a team that constantly stretches its creative boundaries, transforming every brief into opportunity.”
The win adds to a series of recent accolades, including Most Effective Agency of the Year at the 2024 Effie Awards, and multiple awards at Dragons of Sri Lanka and SLIM Digis 2025, cementing MullenLowe’s vision to become Sri Lanka’s most commercially impactful creative company by 2030.
The Commercial Bank of Ceylon PLC was named Sri Lanka’s Best Trade Finance Bank at the prestigious Euromoney Transaction Banking Awards 2025, in recognition of the Bank’s strong performance and continued contribution to supporting Sri Lanka’s export and import sectors.
This global recognition from Euromoney, a leading authority in financial markets, celebrates institutions that demonstrate innovation, leadership, and measurable impact in transaction banking across cash management, payments, trade finance, and technology. Commercial Bank is Sri Lanka’s clear market leader in trade finance, commanding a 21% share in exports and a 14.26% share in imports, demonstrating its strong presence across both segments.
In 2024, the Bank supported over US$ 5 billion in trade transactions, underscoring its unmatched role in enabling the flow of goods, services, and foreign exchange. Its leadership has also been recognised regionally by the Asian Development Bank (ADB), which named Commercial Bank its Leading Partner Bank in Sri Lanka for the fourth consecutive year under the Trade and Supply Chain Finance Programme.
At the forefront of Commercial Bank’s recent innovations is ComBank TradeLink, Sri Lanka’s first fully integrated, end-to-end digital trade finance platform. The system brings all trade finance operations – from Letters of Credit to export collections and shipping guarantees – into one secure online interface, providing customers real-time visibility, faster processing, and paperless convenience. This digitalisation drive has redefined the client experience, reduced manual processes and improved turnaround times across thousands of transactions.
The Bank’s commitment to advancing Sri Lanka’s trade sector extends beyond technology. Through initiatives such as the ComBank Trade Club, which facilitates connections between buyers and suppliers both locally and internationally, and ComBank LEAP | GlobalLinker, a digital business networking platform for SMEs, the Bank is actively building bridges between Sri Lankan entrepreneurs and global markets. Its Diribala Exporter Development Programme further empowers micro, small, and medium enterprises to become export-ready, providing access to expert guidance, training, and financial support.
Reflecting on the award, Commercial Bank said the recognition from Euromoney was a tribute to the trust placed in the Bank by Sri Lanka’s exporters and importers, and to the dedication of its trade finance teams who continue to innovate and deliver excellence in a rapidly evolving global landscape.
As Sri Lanka’s largest private sector bank and the first to surpass US$ 1 billion in market capitalisation, Commercial Bank continues to lead in supporting national trade, driving digital transformation, and shaping a more inclusive and resilient export economy, the Bank said.
Commercial Bank was the first bank in the country to be listed among the Top 1000 Banks of the World, and has the highest Tier I capital base among all Sri Lankan banks. The Bank is the largest private sector lender in Sri Lanka and the largest lender to the country’s SME sector. Commercial Bank is also a leader in digital innovation and is Sri Lanka’s first 100% carbon-neutral bank.
Commercial Bank operates a network of strategically located branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 branches in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, a microfinance company in Myanmar, and a representative office in the Dubai International Financial Centre (DIFC). The Bank’s fully owned subsidiaries, CBC Finance Ltd. and Commercial Insurance Brokers (Pvt) Limited, also deliver a range of financial services via their own branch networks.
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