Guj co-op banks hike salaries

After having witnessed troubled times in the wake of co-operative bank scam, things are looking up in Gujarat's co-op sector. With deposits in co-op banks in the state soaring to Rs 17,000 crore in 2007-08 "� up from Rs 14,000 crore five years back -- the banks are mulling a hike in salaries.

The Gujarat State Co-operative Banks' Employees' Federation has taken up the issue with various banks.

Gujarat State Co-operative Bank, the apex co-op bank in Gujarat, has already hiked salaries by 16 per cent, said Shailesh Shah, General Secreatary, Gujarat State Co-operative Banks' Employees' Federation. The bank has a workforce of 237 employees.

 

Ahmedabad Co-operative Bank too has given Rs. 1600 hike to their employees. Yet another player, Ahmedabad Mercantile Co-operative Bank, has decided to increase their wage costs by Rs. 55 lakh per annum. Around 250 employees would be benefited by the decision of the bank.

Another co-operative bank, Saraspur Co-operative Bank has given 15 per cent hike to its employees. Navnirman Co-operative Bank, which has 190 employees is likely to bear additional burden of Rs. 20-25 lakh to benefit its employees.

At present, Gujarat State Co-operative Banks' Employees' Federation is in talks with the managements of various co-operative banks. The decision regarding salary hikes would be taken by next week, Shah said.

However, some of the co-op banks which were merged with larger banks may not witness salary revision until three years of the merger is completed, said a co-operative sector source.