Co-op bank staff in TN get salary hike

Tamil Nadu Chief Minister J Jayalalithaa today announced an increase in salaries ranging from seven per cent to 21 per cent to the employees of State and District Central Co-Operative banks, costing an additional expenditure of Rs 55.82 crore a year.
The increase in wages would be given to the 4,784 employees of the banks with a minimum hike of Rs 1,630 to a maximum of Rs 15,760 with effect from retrospective effect from January 1, 2011, she said.
Banks in the cooperative sector have been divided into four categories based on their performance and accordingly given varying hike of 21 per cent, 20 per cent, 15 per cent and seven per cent.

Employees of the Tamil Nadu State Apex Cooperative Bank, with a turnover of over Rs 16,000 crore, would get the maximum of 21 per cent increase.
The increase had been made as the five-year wage agreement had expired in December 2010, an official release said.