Mr.Pallegedera who completed his school education at Kanthale Sri/ Ganthalawa Central College obtained a special degree in Economics from the University of Kelaniya in 1979. He has obtained a Masters Degree in Development Management from the Asian Institute of Management, Philippines..

Mr.Karunaratna has held a number of senior positions in the government sector. He has worked as a project manager of the Sri Lanka National Hunger Campaign, senior irrigation project officer in Padaviya, Vahalkada, Nachacha doowa and Mahakanadarawa farmer colonies. He also worked as a water reservoir coordinator of the International Irrigation Management Institute, Farmer Company Specialist in the Mahaweli H Zone, Managing Director of the North Central Province Industrial Development Authority, Economist of the International Fund for Agriculture Development (IFAD). He is also working as a visiting lecturer in water management and development management at the Rajarata University.

Mr. Pallegedera is the husband of Kusum Banaheka Karunaratna, a teacher at Anuradhapura Central College and a son of late Mr.G.G.Ukkurala Welvidane and Mrs. N.G.Lokumanika in the Ganthalawa farmer colony in Kanthale.