Pay scales of urban bank employees revised

August 18, 2010 01:00 pm | Updated 01:00 pm IST - THIRUVANANTHAPURAM:

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.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.