Pivithuru Hela Urumya proposes Bill to amend Central Bank Act over salary hikes

• PHU leader Udaya Gammanpila aims to abolish recent excessive salary hikes, prevent arbitrary raises in future
• Proposal includes requirement for Finance Minister’s prior approval for any future salary hikes
• Plans to introduce special clause ensuring accountability and oversight
• Urges critics to support proposed Bill as means to address issue effectively

Pivithuru Hela Urumaya leader Udaya Gammanpila has announced plans to submit a bill to amend the Central Bank Act, aiming to abolish recent excessive salary increases and prevent future arbitrary raises.

Speaking to the media he criticised the Central Bank officials for allegedly abusing their independence and implementing a 70% salary increase without proper justification. 

He expressed disappointment over the lack of action by the Government in addressing the issue, despite previous objections to granting excessive independence to the Central Bank.

Highlighting the need for accountability and oversight, Gammanpila underscored the importance of obtaining prior approval from the Finance Minister for any future salary increases within the Central Bank. 

“The proposed amendment aims to introduce a special clause to Section 23 (a) of the Act, ensuring that such salary hikes cannot be made without proper authorisation,” he pointed out.

Gammanpila underscored the urgency of the situation, citing recent instances where Central Bank salaries were increased by 73% and 93% without adequate oversight. 

He urged critics to take tangible action and support the proposed Bill as a means to address the issue effectively.