Sri Lanka Parliament’s COPF recommends suspending central bank salary hike

Sri Lanka
By Editor_1
Dr Harsha de Silva re Chair of the Committee on Public Finance (COPF) –H/O

COLOMBO – Sri Lanka Parliament’s Committee on Public Finance has recommended suspending a steep salary hike its staff was paid on the claim of central bank independence, pending examination by an independent committee.

COPF Chair Harsha de Silva told Parliament President Ranil Wickremesinghe should appoint the committee with the concurrence of Central Bank Governor Nandalal Weerasinghe and should comprise independent members

He said the committee can have members made up of the central bank, independent persons, and government representatives, and that the committee should come up with a transparent system for deciding salaries in the future.

The COPF recommends that until a mutually acceptable salary increment is agreed, the Central Bank should suspend the current hike, de Silva said, adding that the salary scales of professional and non-professional grades should be de-linked.

An office assistant’s salary was hiked to 186,000 rupees, it was revealed in Parliament.

De Silva said the Parliament’s control of public finances extended to central bank profits as well and that other than for monetary policy operations, any other activities were not covered by central bank independence.

State Minister for Finance Shehan Semasinghe said the report will be examined after which an answer will be given.

Legislators expressed shock at salary hikes of up to 70% or more given to central bank staff, following the latest currency depreciation engineered by the agency, while the rest of the population was suffering.

There have also been queries about its pension funds.

-economynext.com

Editor_1
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