… Collective Agreement introduced in 2000 continues

Successive goverments have abided by it for 24 years

By Shamindra Ferdinando

The controversial salary hike granted to the employees of the Central Bank of Sri Lanka (CBSL) had been endorsed by three trade unions affiliated to the JVP, the UNP and the SLPP, informed sources told The Island.

Of the other trade unions at the CBSL, two independent groups represent executive officers. The scheme under which the latest collective agreement on salaries was extended for a three-year period was based on a formula introduced in 2000 during Chandrika Bandaranaike Kumaratunga’s tenure as the President.

Declaring that none of the trade unions affiliated to political parties opposed the continuation of the scheme, sources said they had reached a consensus on a salary increase following consultations among all stakeholders.

Prior to 2000, the management had been granting triennial salary revisions since 1991, sources said.

The salary increase has been granted by the CBSL Governing Board, sources said, emphasising that the trade unions with political links could not have endorsed the pay hikes without the knowledge of their parties.

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

In terms of the agreement reached with the participation of the top management and trade unions, the monthly salary bill increased by 50 percent. 24 percent of that amount was deducted and sent to the Inland Revenue Department as Pay As you Earn (PAYE) tax, as agreed between the top management and the trade unions.

Sources said that the Committee on Public Finance (CoPF) was expected to meet a CBSL delegation over the pay issue in the coming week. A meeting has been tentatively set for 05 March 05 after the CBSL requested an opportunity from Parliament to present its side of the story.

A senior CBSL official said that there was absolutely no truth in claims that the top management and trade unions had granted CBSL employees over 70 percent salary increase.

Even non-members of the CoPF could join the session with the permission of the Chairman of the House Committee.

Sources said that since 2022 nearly 100 CBSL personnel, most of them Staff Class with specialised skills, had resigned due to the current economic situation. He said no government since 2000 had interfered with the Collective Agreement that had been introduced during President Kumaratunga’s tenure.