THIRUVANANTHAPURAM: Employees of the District Cooperative Banks are being given a pay revision with effect from April 1, 2007.
Cooperation Minister G.Sudhakaran said here on Tuesday that it would benefit around 5,500 employees of the 14 DCBs in the State.
The master scale of 2600-30200 is being revised in the following manner - 3500-100/6- 4100-125/7- 4975-150/7-6025-200/7- 7425-225/4- 8325-250/4- 9325-275/5- 10700-325/5- 12325-375/5- 14200-425/4- 15900-500/1- 16400-550/4- 18600-625/4- 21100-700/5-24600-775/4- 27700-900/5- 32200-1050/5- 37450-1200/8- 47050.
The house rent allowance will be given at the rate of 10 per cent of the basic pay subject to a maximum of Rs.2,000.
The city compensatory allowance will be given at the rate at which they are given to the government employees and the medical allowance is being increased from Rs.1350 to Rs.1800.
The hill tract allowance and the allowance given to physically challenged employees will be given at the government rate.
The allowance for reading glass is being increased from Rs.300 to Rs.1,000. All other allowances are being increased from 18 to 33 per cent. The stagnation increment will be increased from 2.85 to 3.3 per cent. Three stagnation increments have been sanctioned.
Part-time employees and sub-staff will get grade promotion for 8, 16, 23 and 28 years of service. The other staff will get first grade for eight years of service and the next for 16 years of service. CAIIB, MBA and MCA holders will get an advance increment.
The minimum monetary benefit will range from Rs.1,477 for sub-staff to Rs.11254 for higher posts.
Unlike in the case of pay revision from July 1, 2007, when one year’s salary arrears were frozen, the arrears will be paid in full this time.
The DCBs will have to shoulder an additional financial commitment of Rs.25 crore an annum due to the pay revision. A sum of Rs.65 crore will be required for paying the arrears.
The Minister described the revision as the highest so far and expressed hope that the staff would provide better services to farmers and other customers and perform with stronger commitment.
The pay revision is based on the recommendations of a committee headed by Secretary, Cooperation, T.Thankappan with Registrar of Cooperative Societies Rani George as convener and Koliakode Krishnan Nair, V.P. Saseendran, Mehboob, S.Sreekumar, N.Soman, Shoornad Rajasekharan and P.V. Pavirthran as members.
It was constituted by the government on December 14, 2007.