Pension benefits of coop banks hiked – KERALA

The State government has revised the pension benefits of employees as well pensioners of cooperative banks and other societies.

Minister for Cooperation Kadakampally Surendran told reporters here on Friday that 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.

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.

Earlier, the family pension given to the kin following the death of a pensioner was only 50% of the pension amount. Now, the government has decided to give full pension to the kin for seven years or till the beneficiary attains the age of 65 years and 50% would be given in the subsequent years.

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%, he said.

A decision has also been made to consider the probation period of an employee while calculating the service period for fixing the pension. The pension being given to employees who had failed to subscribe to the scheme too has been increased fromRs. 1,000 to Rs. 1,250.

The pensions are being disbursed by the Kerala State Cooperative Pension Board.

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