CHENNAI: Chief Minister Edappadi K Palaniswami on Saturday announced a pay hike to the tune of Rs 143.72 crore to 22,048 employees of cooperative societies and banks. The hike follows recommendations made by committees formed for the purpose. While employees of most of the societies have got 20 per cent hike, employees of a couple of societies have got more than that. 

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. 

In a statement here, the Chief Minister said cooperative institutions in Tamil Nadu had a long history of 113 years. During the past seven years, many cooperative institutions had received many awards at the national level. The deposits which stood at Rs 26,245 crore as on March 31, 2011 had gone up to Rs 53,313 crore as on September 30, 2018.