Rise in salary for urban cooperative banks staff too

As many as 15,780 employees of the Primary Agricultural Cooperative Societies (PACS) will get pay hike in the range of Rs. 558 to Rs. 5,661.

Likewise, 1,701 staff members of the Urban Cooperative Banks (UCBs) will see a rise in their salaries, varying from Rs. 419 to Rs. 9,344, Chief Minister Jayalalithaa, said in a statement here on Friday. This will mean an additional expenditure of Rs. 26.89 crore for the 4,524 PACS and Rs. 13.33 crore for the 120 UCBs.  

In the case of the PACS, the tenure of the previous wage settlement expired on March 31, 2013, and that of the settlement for the UCBs on November 27, 2011.  The pay hike came into force with retrospective effect from April 1, 2013, for the PACS staff and Jan. 1, 2012 for the UCBs’ employees.   As per the details of the new wage settlement for the PACS, a 12 per cent hike would be given to employees of the societies which had been recording net profits for five years,  functioning on their own resources and without taking financial support from the District Central Cooperative Banks; one increment to employees of the PACS which had been registering good profits for three years and which had been giving 14 per cent dividend to members of such societies; 10 per cent increase to the staff of the societies which had been posting net profits for five years, while taking  financial support from the District Central Cooperative Banks;

seven per cent rise to those in the cooperative institutions that had earned profits for some years but had cumulative losses and five per cent increase to staff of the societies which had been functioning under continuous losses and to those in the cooperative institutions that had loan outstanding of Rs. 1 crore and below. 

As for the UCBs, a 20-per cent increase would be given to staff of 27 banks which had gained profits for five years successively and posted turnover of over Rs. 100 crore; 15 per cent rise to the workforce of 37 banks which had earned profits for five years successively and recorded turnover in the range of Rs. 50 crore-Rs. 100 crore and ten per cent hike to staff of 42 banks which had netted profits for five years successively and registered turnover up to  Rs. 50 crore.  Arrears would soon be paid in two instalments.

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