INSUBCONTINENT EXCLUSIVE:
The Committee on Public Finance (COPF) has recommended that the Central Bank of Sri Lanka (CBSL) defer the salary increase until a mutually
acceptable solution is reached on the matter.This was mentioned in the COPF report on the Central Bank Salary Revision 2024-2026 presented
Harsha de Silva on Wednesday (March 20).COPF compiled this report on the recent salary increase of the Central Bank staff members upon a
request made by President Ranil Wickremesinghe in his capacity as the Finance Minister
The request came about after several MPs raised this issue in the House, joining the general outcry opposing the steep salary increase.In
its recommendations, the COPF says the Finance Minister should, with immediate effect, appoint an independent remuneration committee with
the concurrence of the Central Bank Governor to review the salary increase under discussion.COPF also recommended that a report on the same
be submitted within 4 weeks and that Central Bank defer the salary increase until a mutually acceptable solution is arrived at, based on the
findings of the report.The COPF further noted that the members of this independent remuneration committee need to be co-opted from Central
Bank as well as from outside; both within and outside the public sector as necessary.COPF says it expects this committee to arrive at
reasonable adjustments in remuneration for all staff categories, keeping in mind the expertise of the specialised staff and comparability of
the same as relevant to the Central Bank.Proposing that the methodology for determining salaries of professional staff be decoupled from
non-professional and minor staff, the COPF went on to recommend that this committee arrive at a transparent formula for future revisions to
