Tamil Nadu CM E K Palaniswami announced a pay hike to the tune of Rs 143.72 crore to 22,048 employees of cooperative societies and banks last week, reports media.
Employees of most of the societies have got 20 per cent hike. The hike will benefit employees of Primary Agricultural Co-operative Credit Societies, Central Co-operative Banks, Urban Co-operative Banks, Employees Co-operative Thrift and Credit Societies, Urban Co-operative Credit Societies, Primary Cooperative Agriculture and Rural Development Banks and Tamil Nadu State Apex Co-operative Bank.
Lauding the role played by cooperative institutions in Tamil Nadu CM said in a note that the deposits of co-ops had gone up to Rs 53,313 crore as on September 30, 2018. It remains crucial for the growth of the state.