Kerala minister for cooperation said the minimum pension of employees of primary cooperative societies as well as district banks and the State Cooperative Bank had been revised and fixed at Rs. 3,000 from Rs. 1,500 and Rs. 2,000 respectively reports Hindu.
The dearness allowance for all pensioners in the sector had been increased from 5% to 7%.
Family pension for all employees had been fixed at Rs. 2,000 from the present Rs. 1,000 for primary cooperative societies and Rs. 1,500 for district banks and the State Cooperative Bank.
Cooperative banks as well as societies were mandated to pay their subscription to the pension board. The penal interest for defaulters had been reduced from 24% to 10%, the minister said.