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Public Finance committee wants CBSL to defer pay hike

20 Mar, 2024

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The Committee on Public Finance (COPF) headed by MP Dr. Harsha de Silva, has proposed that the Central Bank of Sri Lanka defer the pay hike to its employees.

Dr. Harsha de Silva presented the COPF report on the CBSL salary revision to Parliament.

The MP said that COPF recognizes the independence of the Central Bank in monetary policy under the new Act.

He said CBSL also has autonomy over its budget and staff salaries, but COPF raised concerns on accountability and reasonableness in the current economic situation.

He said that while the CBSL has administrative and financial autonomy, Clause 5 and 80 of the CBSL Act and the Supreme Court Determination hold the CBSL accountable to Parliament.

As a result, COPF finds the across-the-board salary increase for the Central Bank staff as being unreasonable.

COPF has proposed the appointment of an independent committee by the Finance Minister to review the salary increase in 4 weeks.

Dr. Harsha de Silva said that COPF has also proposed that the CBSL defer the raise until fair a solution is found. (Colombo Gazette)

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