26 September, 2018

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Will Anyone Guess What This Is!

By Rusiripala Tennakoon –

Leaked by a Whistle-Blower “a page from the charges A/c salaries of Contract employees”

Could it be a list that includes the salary bill of some institutions paid for about 15 Executives drawing a handsome salary of Rs. 300,000/- each ? Well Rs. 300,000/-per month is a handsome salary according to the standards of the heavily debt burdened country !

Or could it be a little less generous emolument package covering about 30 top level Executives Grade employees, each being paid about Rs. 150,000/- per month?

Does it also refer to Performance Bonus payments made to Executives who showed extra-ordinary performance levels highly recognized by their Board of Directors on some evaluated criteria relevant to the profits generated based on their individual contributions?

This institution or organization has been very generous in computing and paying arrears of increments to its Executive Grade employees.  In one shot they have paid Rs. 37,502,500 Millions. Next year, just 6 months later this very generous organization had paid another sum of Rs. 37,502,500 the same as the previous year’s payment, as arrears of increments again.

As the assumed numbers for the salary payments in our hypothetical assessment above, 15 or 30 in number, this amount of incremental arrears should have been for this number.  If according to our presumption the numbers was 15 then each lucky Executive employee would get  Rs. 2,500,166/- as incremental arrears. The next question is for which period?  If the amount is for one year then each would be entitled to a monthly increment arrears amount of Rs. 208,347/22. Vow! What an increment?

A top level of Senior Administrative Grade (Former Civil Servant Grade) gets an annual increment about Rs. 30,000/- i.e. Rs. 2,500/- per month. (If on the other hand the number is 30 the amount each gets as arrears of increments would be Rs. 1,250,083/- which works out to a monthly increment of Rs.104,173/61). This is an amount which will not be reflected anywhere in any public service salary structure!

Now there are two Gratuity payments in this list.  An amount of Rs. 8,453,300/- paid to a person called Sabry and another amount of Rs. 3,400,000/- paid to a person called Deepal.  The gratuity payment is made according to a statutory formula which is half months’ salary last drawn multiplied by the number of year in service.

If we assume that these 2 Executives had a service period of 15 years then we can work out the salary basing the gratuity formula.  It works out to Rs. 1,127,100/- in the case of Sabry and Rs. 453,333/- in the case of Deepal.

Now you will wonder who these lucky Executives were, and who this generous employer is. We will give you the answer, but not specifically identifying the institution due to other restrictions and reasons.

Nevertheless! There you are. It is a State Bank – Where? In Sri Lanka !

The information quoted is an extract of the charges A/c Contract Employees Salary

And this salary and bonus bill is for how many Executives? Less than 5 !

Not 15 or 30 we assumed in our computations. Even if the number of Contract Executives is taken as 5, according to the April, 2018 Salary figure they are paid an average of Rs. 1,100,000/- each.

According to the Collective Agreements of the banks with their employees (Public documents) the General Manager of a State Bank which is the highest Executive position is entitled to less than Rs. 300,000/- per month.

What a generous and bountiful handout? At the cost of the public ! The customers expiating for the sins of others while the State that controls these Banks sleep. What is the reason for the deadly silence?

Long Live Good Governance! And God Bless the Yahapalana clowns who have been blind folded for their well-paid act of campaigning for Good Governance. 

Let the MOF (meaning the Ministry of Finance) because it is the MOF which has provided funds for State Banks to function and 

the (CBSL – Central Bank of Sri Lanka) because they are the guardian angels of the banking system in the country with all their laid down procedures and guidelines and 

the Minister in charge of State Enterprises to whom the National Government has entrusted the state Banks.

And finally that sanctified venerated divine body call the government audit, because they are the infallible, flawless authoritative body that should uncover the sins and expose to the nation, become answerable to the poor public, some dying in thirst for want of drinking water and several others departing their worthless lives being unable to get the medication they need in time due to lack of transport and means to afford.  

It will be a curse on the decision makers to allow such a huge drain of public monies of this magnitude !  

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Latest comments

  • 0
    2

    What is this? Can anyone GUESS a person in a “NEVER MAKING GAIN or PROGRESS ” of a Government Institution receiving Rs. 100,00.00 a DAY working up to Rs. 3,000,000.00 a month. There are very many such “Top Management” in the same Institution, whose salaries are paid by an outside agency. All the details were asked to be divulged under RTI, and that Institution REFUSED citing that it is a “Registered Co,”; but completely forgetting that the PUBLIC FUNDS are PUMPED in to keep it going. On appeal, RTI Commission overruled that “DECISION” and directed that if that “Institution” does not agree, it can go to courts. In spite of all this, we are still waiting to know the details of salaries and other perks paid to these BUNCH of PARASITES. Make “GUESS”. I know your could be as good as mine.

  • 0
    0

    My Salary: Oh my God! Is this what our young guys at the top of their respective professions get for their trouble in Lankawe? No wonder they are not happy. I am 65 and my salary in April was – just a moment – let me check the exchange rate – yeah, Sri Lanka Rs 1,890,645.55. That is roughly about Rs Rs 22,687,746.60 annually. Not much though when I factor in that, if I remained in SL sucking Rajano’s U no what, I could have earned 100 times that. But this is not bad, for a sexagenarian, considering my input, which is to write funny comments in CT for the enjoyment of my boss. He says that my comments make him healthy, wealthy and happy.
    And of course, the salary he gives me makes me healthy, wealthy and happy too. Nice arrangement, eh?
    And who says that Yahapalanaya has been useless? May be for you. But not for me. It has been very generous to me though all I have done for them is to write funny and sarcastic comments targeting them. Ranil may be a day dreamer. Useless for Lankawe. But because of him I get generous daily increments.
    Oh yeah, did I tell you that this is my basic salary? I live in a 3 roomed villa, drive a Dodge Charger, get free daily transport from Bahrain to Saudi and back, have a live-in housekeeper, all paid by the company. Sorry I forget the other things….One moment though, add the company paid Am-Ex card.

    As wahak Katawahak Ne! Touch Wood, Mashallah!

    • 0
      0

      I forgot to guess. I do not have any inkling of what to make of the figures. The only thing I can say is that the figures are too small to be my salary figures.

      • 0
        0

        Mr Edwin
        Take care when you try to open. Can of worms
        Lot more may come out including the infamous Hedging deals of these expert friends of yours!
        They should b behind bars in jails for the crimes they have committed to the poor public in this country!

        • 0
          0

          The Onus of Proof: Hedging? Is that all? There are so many allegations. The problem is that they are just allegations. For 3 years they have remained allegations. Like some magical object that destroys anyone who comes near it, they make those who try to approach too close disappear, like the FCID Head Ms. Wickramasinghe.

          As a result, these allegations have become divine. What I mean is they are like the concept of a Creator God. He may be there or he may not be. You can neither prove his existence nor his non existence. My Grandpa Gaban ( Gaban Atha) is a classic example of such a creator.

          That is why we atheists always insist that the onus of proof is on the believer and not the non believer. Otherwise, there will be no end to creators nor to allegations.

    • 1
      0

      Edwin Rodrigo is helping Deepal or Sabry ????
      Looks like a dream boy imagination in support of the desperate contract employees of the alleged state bank now conjectured as PB
      Chum I wish all of us or at least the retired fellows can go to that dream country and b entitled to the heavenly perks
      Chum in those countries they pay around 25 $ for a square meal leaving other things and pay 20👍$ for a monthly hair cut
      Here a meal is 2 $ and a hair cut is 1 $
      May b the masters there don’t want their so called experts to have their hair like our aborigines and starve
      Hence they are paid a matching salary
      But here???????

      • 1
        1

        PUK,
        These people must be paid what they are worth. Otherwise they will go back to their private banks. Got it?
        If you want 3 million bucks a month, study and work for it like them.
        If you can’t, please keep quiet.

      • 0
        0

        In Bahrain you can get a haircut for 1 Bahraini Dinar (approx. Rs 400). A hygienic and healthy Indian will cost you around Rs 300.

        More than anything else, the relaxed pace of life in Bahrain makes it one of the best and safest countries to live in.

        • 0
          0

          “A hygienic and healthy Indian will cost you around Rs 300.”
          Male of female, Mr. Edwin? I thought you had put all that behind you?

          • 0
            0

            No all that is in front of me. I am behind them.

      • 1
        0

        Our chum PUK sounds strangely like Mr. Rusiri the author himself.

        • 0
          0

          Agree. Perhaps he is the PUK man of the Suthor!

  • 0
    0

    The imported experts appear to be very much disturbed with the information leak that was kept a state secret all these years until the whistle blower released the ledger sheet copy
    They seem to be writing like hell to justify themselves under different names
    Some have stooped to insulting levels
    But now more information is leaking
    The current CEO of People’s Bank is a contract employee on contract since 2000 when he was taken to the treasury dept of the Bank as an additional hand
    Since he has earned 5 consecutive promotions till he reached the CEO
    All while on contract
    Forget the salary is this ethical?
    CEO of a state bank to be a loose ended contract employee?
    He was a glorified bank clerk displaced from Grindlays Bank before he was taken to PB
    This is the expertise he has to now get a monthly pay exceeding 2.5 million and a Mercedes Benz car at his disposal with 10 million a year as bonus and performance bonuses
    His colleagues are trying to justify these payments by comparing with USA

    • 0
      0

      State banks should be properly manned by top level personnel.They are too important to be left in the hands of novices.One must think why these contract people were recruited to this bank. They didn’t join by force.That is because the career people within including the writer were found wanting. The very fact that they couldn’t find a person from within to be CEO for 18 years is good evidence.
      In addition to the salary and bonus non state banks perks are very much more than state banks at times two luxury vehicles.[ one for the family.] If the two state banks are privatized they will perform better. Take the case of Telecom where we experience a super service after privatization.

    • 0
      0

      “He was a glorified bank clerk displaced from Grindlays Bank before he was taken to PB”
      Well, unlike one PUK /Rusiripala suffering from sour grapes, he’s done his job, hasn’t he?

  • 0
    0

    No need to guess.This is the bank who understands the pulse of the people

  • 0
    1

    Hope none of you have savings at one of the state banks.

    If you do – get your money out while you still can!

    • 0
      0

      UK,
      Don’t be ridiculous- the bank made 20 billion profit. Is that bad?

  • 6
    1

    Will the real Rusiripala Tennekoon (RT) stand up and be identified!

    RT is not a genuine public interest activist. He is just an agent provocateur nurtured by the Sirasa/Maharaja outfit, who feed his ego to further their agenda.

    RT is certainly not a retired “Senior Banker” as touted by Sirasa. He was a very junior officer at Peoples bank dabbling in, and making a fortune in the gem business. How he became Chairman of Bank of Ceylon is anybody’s guess! RT please tell us this story.

    By the way, it is known that despite his desperate efforts, RT has yet failed to get a position in the Peoples Bank Retired Officer’s Association. So much for his credentials!

    There is actually no drama about the emoluments earned by Senior Management at Peoples Bank. These “real” Senior Bankers were recruited at a time when Peoples Bank was in crisis, for the purpose of turning around its fortunes. Naturally these guys were offered higher than market-related contracts of employment to draw them away from already well-paid positions in other banks. RT, that’s the corporate reality in the business world, if you didn’t know!

    These “real” Senior Bankers performed their tasks successfully, and Peoples Bank not only survived the crisis, but continues to stand tall today as a top-tier institution in Sri Lanka.

    It would appear that RT either suffers from a bad case of sour grapes, or is driving a hidden agenda.

    Publishing confidential data stolen from a state institution, and attempting to unfairly slander the bank and some of its employees is a disgrace, if not criminal.

    RT, hang your head in shame you pseudo “Senior Banker” (aka Manik Mudalali)!

  • 2
    1

    I feel that someone has an axe to grind here. A bank is a commercial institution which has to compete with other banks for business. Pay scales and perks have to be in line with what other banks pay their senior staff. The old saying” if you pay peanuts you get monkeys”! Do we really want to have lame dogs running the banks? The author of this piece has some hiddden agenda not disclosed here and deserves our contempt.

    • 0
      0

      Well it is good to pay high salaries but not only to a few. Banks grudge to pay additional interests even to senior citizens. Charge for every additional documents needed from them to show em-basis for visas and documents for overdraft facilities, against your OWN FIXED DEPOSITS.
      As long as there is no basic pay structure for the clerks and peons people will certainly grudge payments of this nature.
      What about the MP’s and Ministers. Their perks to conduct themselves like hooligans in the Parliament. Pension after 5 years when other employees have to wait for over 25/30 years to get Pea NUTS..

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