The pay scales of employees of the urban cooperative banks will be revised with effect from April 2008. The employees will get increase in salaries ranging from Rs. 1500 to Rs. 9000 a month as a result of the pay revision, Minister for Cooperation G. Sudhakaran announced here on Wednesday.
The new running scale will be Rs. 5500-39700 against existing scale of Rs. 4200-26700. The government has decided to grant four grades to sub-staff on the eighth, sixteenth, 23rd and 28th years of service. Others would be given two grades on the eighth and sixteenth years. Employees reaching stage-stagnation will get three stagnation increments.
The house rent allowance will be ten per cent of basic pay subject to a maximum of Rs. 1750 a month. The medical allowance will go up from Rs. 1350 to Rs. 1800 a month.
The Minister said that the about 3000 employees of more than 70 urban banks would benefit from the revision. The total outgo on account of the revision would be about Rs. 12 crore annually. The arrears would amount to Rs. 27 crore. The salaries were last revised in 2003.