ECONOMYNEXT – Sri Lanka’s central bank’s Executive Officers Union has issued a statement on the controversy over a steep salary increment said to have been given after the latest currency collapse.
The discourse has been so far one sided, the union said.
Download the CEB Union statement on Salary matter
Key points in the statement issued in Sinhalese are as follows
a) The central bank was set up as an independent institution from the beginning
b) Similar arrangements exist at other central banks
c) The earlier monetary board and the current board were not employees of the central bank but experts in various fields
d) The salary revisions have taken place in three year periods over several decades
e) The collective agreement for 2024-2026 was a result of negotiation between the management and the unions
f) It is no secret that the central bank’s salaries are higher than other services
g) They require a competitive salary to do their jobs without pressure
h) As a result, there is interest in working at the agency and highly qualified young people enter the agency
i) Central bank staff are also barred from private practice
j) Due to being a closed service, promotional opportunities are limited
k) Around a 100 experienced officers have left the central bank to multilateral agencies and the drain would have worsened
l) Other firms should also increase salaries