Comparison; Wages In The Central Bank And Universities

By Usvatte-aratchi -September 29, 2012

In 2011, there were 1441 employees in the Central Bank and they were paid Rs. 2, 250, 029,000 as shown in the published accounts of the Bank. Then on average an employee was paid Rs. 1,560,000 per year, an average monthly pay of Rs. 130,000. Of all employees 11% were Minor Employees: drivers, peons and others.   Those not minor employees fell into two categories: Staff Class and Non-staff Class, roughly equivalent to professional and general service categories.  There were 646 employees in the  Non-staff Class and 629 in the Staff Class. There were 4 employees on fixed term contracts, who were not classified. That makes up the 1441.

Of all employees in the Staff Class, 17 percent [109 out of 629] had no post secondary education, whatever. Of them 83 were in Grade I, 23 in Grade II and 3 in Grade III and none in the highest grade, Grade IV. They are generally those promoted from the Non-staff Class on account of outstanding work in that class and promise of good work at higher level s of responsibility. Of all employees in the Staff Class, 28 [4 percent] had professional qualifications, without a first degree. Then 137 out of 629 [22 %] had no first degree. 248 [40 percent of 629] had only a first degree; 80 [13 percent] had a university degree and professional qualifications; 124 [20 %] had a post-graduate degree; and 32 [about 5 %] had a post-graduate degree and professional qualifications. Those in Staff Class who had qualifications beyond a university first degree comprised 38 percent of all in that class. Those with only a first a degree constituted 44 percent of the total, considering those with a professional qualification and no university degree as having obtained a university degree. Then 61 percent of the staff in the Staff Class had no education beyond a first degree from a university.

Let us try to establish the average wage paid to an employee in the Staff Class in the Bank. We know that the average wage of all employees was Rs.130,000 a month [2, 250, 029,000 (1/12, 1/1441).  Let us ASSUME that minor employees were paid on average Rs.30,000 a month. Their total monthly wage bill would be Rs.4,860,000. Let us also ASSUME that the average wage of an employee in the Non-staff Class was Rs.75,000,  2.5 times the average wage of a minor employee. They would be paid Rs.48,450,000 a month. That leaves Rs.144, 192,500 to be paid to 629 employees in the Staff Class, giving them an average wage of Rs.229,000 per month. That works out to three times the average wage paid to an employee in the Non-staff Class and about eight times the average wage of an employee in a the Minor Employee category. These multiples do not look grossly unlikely.

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