Tamil Nadu Chief Minister Jailalitha has made an announcement that nearly five thousand employees of the cooperative banks in the state would get an increase in their salaries with retrospective effect.
The raise counts from 7 percent to 21 percent. The elevated salaries would cost the banks an additional expenditure of more than fifty thousand crores of rupees. The performance of the banks has been used as a criterian in making a decision about the raise in salaries.
The state govt has decided to effect a hefty 21 percent increase in the salaries of the Tamil Nadu Apex Cooperative Bank for its excellent performance over the last years.
While persons working with some central cooperative banks across the state would get a 20 percent increase in their salaries, those in some other central banks would be able to claim a reduced 15 percent increase.
But there are a few central cooperative banks that have miserably performed and their employees would have to be content with a mere 7 percent hike in their salaries.