CB Governor: It is too late to suspend pay hike for March

By Saman Indrajith

Appearing before the COPF (Committee on Public Finance) recently, Dr. Nandalal Weerasinghe said the Central Bank (CB) had no issue with COPF recommendations but it was not possible to implement the COPF recommendation that salary increases at issue be suspended immediately.

“The salaries of CB employees for March have already been processed in the system and they are to be paid on Monday (25). If we are to go back to the earlier one, we will have to revise the system completely.

This will take considerable time,” Dr. Weerasinghe said, adding the second issue was that if the salaries were reverted to the previous levels, some take-home salaries of CB staffers would be in the negative.

“They have obtained loans, etc. We have to address this. We have to get their consent on how to address negative take-home salaries. What we seek from you, while respecting what you have recommended, is guidance on implementing them,” he said.

Head of the COPF, Samagi Jana Balawegaya (SJB) MP, Dr. Harsha de Silva said the two sides should work to find an amicable solution to the problem.

“I want to refer your request to the Committee to decide whether to allow CB to go ahead with the March salaries. After March you can hold off payments until we arrive at an acceptable resolution,” he said.COPF member, SLPP dissident Chandima Weerakkody said that the Committee was not against CB officials getting a reasonable salary hike.