Sri Lanka to pay Rs15,000 for executive state workers
ECONOMYNEXT – Sri Lanka’s cabinet of ministers had approved a proposal to pay a 15,000 rupee ‘executive allowance’ to administrative officers amid a wave of strikes by state workers.
At a September 27 meeting it was proposed to pay an allowance between 3,000 to 15,000 rupees based on the length of service of the officer.
The new decision is to pay 15,000 irrespective of the length of service.
The teachers and principals will also placed in their own service with a pay scale. Railway will also be made into closed service.
Sri Lanka is ratcheting up spending, as revenues fall after monetary instability in 2018. The rupee collapsed in 2018, after the central bank printed money to push down rates.
The central bank also started printing money after July 2019 to depress rates, despite deteriorating fiscal policy.
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By July 2019, the budget deficit has hit 4.4 percent of gross domestic product. Sri Lanka has had deficits in excess of 9 percent of GDP, when monetary policy was more prudent. (Colombo/Oct02/2019)