Central Bank of Sri Lanka revokes pension benefits for Governors effective September 11, 2024

The Central Bank of Sri Lanka has issued an Extraordinary Gazette rescinding the pension benefits of its governors, effective September 11, 2024.

The special Gazette notification was issued by Dr. P. Nandalal Weerasinghe, the Governor of the Central Bank of Sri Lanka.

This decision follows a ruling made by the Monetary Board under the provisions of the Monetary Law Act, No. 58 of 1949.

The newly issued rules rescind previous pension benefits for individuals appointed as governors on or after January 1, 1998.

Under the old rules, such individuals were deemed employees eligible for a monthly pension equal to 74% of their last-paid basic salary, effective from January 1, 2015, regardless of their years of service.

However, the new regulations stipulate that pension payments for governors appointed after January 1, 1998, will be discontinued entirely from September 11, 2024.

Furthermore, any claims for pension payments submitted to the Central Bank following this date will not be entertained.

Additionally, if a former governor is under criminal investigation or prosecution, their pension payments will be suspended until the conclusion of those proceedings. Should the outcome result in a conviction, the former governor will forfeit their right to pension payments.