Chief Minister J Jayalalithaa on Thursday announced a wage hike for the employees of the primary cooperative credit societies and urban cooperative banks in the State to the tune of Rs 40.22 crore.
The wage hike for the employees of the primary cooperative credit societies will range from Rs 558 to Rs 5,661 and these societies would incur an additional expenditure of Rs 26.89 crore. Similarly, the wage hike for the 1,701 employees of the 120 urban cooperative banks will range from Rs 419 to Rs 9,344 per month and would incur an additional expenditure of Rs 13.33 crore to these banks, the CM said in a statement.
There are 4,524 primary cooperative credit societies functioning in Tamil Nadu. Of this, 671 have netted continuing profit while 3,442 have netted profit only during some years. Besides, 411 societies are running losses. During the past 33 months, the functioning of these societies have improved significantly, the Chief Minister said.
The investment of these societies that stood at Rs 1,245.51 crore as on March 31, 2011 has gone up to Rs 1,782.16 crore as on March 31, 2013. Similarly, the deposits in these societies have risen from Rs 4,776.74 crore to Rs 6,268.80 crore.