CHENNAI: Deputy Chief Minister Udhayanidhi Stalin launched three new initiatives — ‘Vergal’ (roots), ‘Vizhuthugal’ (aerial roots) and ‘Siragugal’ (wings) — under the cooperation department on Monday. These initiatives aim to provide financial assistance to various stakeholders during times of distress.
The launch was held as part of the All India Cooperative Week observed from November 14 to 20. Ministers K R Periyakaruppan, P K Sekarbabu, Food Secretary J Radhakrishnan and Registrar of Cooperative Societies N Subbaiyan were present.
According to sources, the schemes are designed to enhance social security for employees, members and other beneficiaries while increasing their engagement with the department. Under ‘Siragugal’ scheme, trans persons can avail themselves of loans ranging from Rs 5,000 to Rs 1 lakh at 5% interest rate. The loans can be availed by small businesses, self-employed and SHGs. Eligible applicants must be at least 18 years old, said an official.
‘Vergal’ offers financial benefits to members of cooperative societies in the event of death, disability and injury. The members can avail themselves of a benefit of Rs 1 lakh for accidental death, Rs 50,000 for natural death and Rs 50,000 for permanent disability. Members can subscribe to the scheme by paying a monthly subscription of Rs 100. Members who do not claim benefits during their tenure will receive ex-gratia payments ranging from Rs 7,500 to Rs 1 lakh upon cessation of membership.
‘Vizhuthugal’ is aimed at providing financial assistance to employees of cooperative societies. Family members of employees can avail themselves of the benefit of Rs 5 lakh for accident death, Rs 1 lakh for natural death and Rs 2.5 lakh for permanent disability. The staff shall subscribe to the scheme by paying Rs 300 monthly. Those who do not claim benefits will receive Rs 25,000 upon retirement.
Both staff and members can access financial assistance for the education and marriage of their daughters, the statement added. Udhayanidhi also distributed loan assistance worth Rs 33.76 crore to 2,703 beneficiaries under various schemes implemented by the cooperative department and other agencies.