About 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 of the Urban Cooperative Banks (UCBs) will see a rise in their salaries, varying from Rs. 419 to Rs. 9,344.
Announcing the pay hike for the employees of the two categories of cooperative institutions, Chief Minister Jayalalithaa, in a statement issued on Friday, stated that the move would 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 January 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 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.
Payment of arrears would be made in cash. The present level of dearness allowance would continue to be given.
As for the UCBs, a 20 per cent increase would be given to employees 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-100 crore and 10 per cent hike to the staff of 42 banks, which had netted profits for five years successively and registered turnover of up to Rs. 50 crore.
Arrears would be paid in two instalments. In the case of 14 UCBs, which had got profits for some years even though they were running under cumulative losses, a five per cent hike in pay would be effected. There would be no payment of arrears. Besides, the DA payment had been restructured, the statement added.