Due to good performance in the financial year 24, Cosmos Co-operative Bank has decided to give 1 month salary as bonus to its employees. This will benefit 2800 employees of the bank. The bank did a business of Rs 35408 crore till 31 March 2024. This is 15.16 percent more than last year. The bank’s deposit has increased by Rs 2587 crore to Rs 20216 crore.

The bank has a net profit of Rs 384 crore in FY24. In the previous financial year, it was Rs 181 crore. According to TOI, the bank’s chairman Milind Kale has said, “5-6 years ago when the bank was attacked by cyber attack, the morale of the employees was badly hurt. Despite this, the employees handled the operations of the bank. The bank has now come out of difficult circumstances. To honor the efforts of the employees, the board of the bank has decided to give bonuses.”

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New loan products

The bank is issuing new loan products. The bank is coming up with loan options of Rs 20,000-50,000 with repayment tenure of 18-24 months. Apart from this, the bank is planning to invest in technology. The net NPA of the bank was 1.54 percent till March 31. The bank had acquired Sahebrao Deshmukh Co-operative Bank and Maratha Sahakari Bank, despite this, bad loans were kept under control.

No new mergers

The bank has said that it does not plan to do any more mergers at the moment. The bank already has 170 branches. The bank is now working on increasing deposits from Gujarat and South India.

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At present, the employees are getting DA Hike at the rate of 38 per cent. At the same time, from the month of January, employees will get DA at the rate of 42 percent. Along with this, there is going to be an increase of Rs 90,000 in the salary of the employees. Information about this has been received from the data released by the Ministry of Labour.

By how much will DA increase?

Let us tell you that the dearness allowance is calculated on the basis of the Consumer Price Index (CPI-IW) for industrial workers released by the Labor Bureau every month. According to the data released by the Labor Ministry, the CPI-IW for December 2022 was released on January 31, 2023. DA is calculated from the CPI-IW figures taken from industrial centers under the 7th Pay Commission. The increase in dearness allowance is 4.23 per cent.

Extra salary will come into account after Holi

According to the information received from the ministry, employees and pensioners will get the benefit of the increase in DA from January 1. According to media reports, the government can increase the DA of the employees before Holi, which means that from next month the employees can get increased salary.

Salary may increase by Rs 90,000

According to the information received from the 7th Pay Commission, after the increase in DA of the employees, if the salary of an employee is Rs 30,000, then his gross salary may increase by about Rs 10,800. On the other hand, if we talk about the secretary level, then there can be an increase in the annual salary of the employees by Rs 90,000 or even more.

How often does DA increase?

The dearness allowance is increased twice a year on the basis of ACIPI numbers after six monthly reviews. The hike in dearness allowance may be revealed before Holi and the salary may increase after Holi. The increase in dearness allowance will help 68 lakh senior citizens and roughly 47 lakh employees of the country. At the beginning of the year, the government increased DA by 3 to 4 percent, due to which the dearness allowance increased to 38 percent. On getting three percent salary hike, the dearness allowance will increase to 41 percent or 42 percent.

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The Railway Ministry says that the railway employees had ensured uninterrupted movement of essential commodities like food, manure, coal and other items even during the lockdown. Railways said that in the last three years, several steps have been taken to gain market share in freight traffic and enhance recovery in passenger fares through appropriate policy initiatives. As a result, the Railways has regained its economic momentum in the current financial year (2022-23), which was disrupted due to the pandemic. Railways carried 184 million tonnes of freight during the financial year 2021-22. This is the highest ever.

Payment of bonus will serve as an incentive. This will help a large number of Railway employees, especially those involved in the performance and operation of Railways, to improve their productivity. Payment of bonus will also boost demand in the economy in the coming festive season.

The payment of bonus for 78 days to railway employees is estimated to cost Rs 1,832.09 crore. The prescribed salary calculation limit for payment of bonus is Rs 7,000 per month. Railway employees will be paid a maximum of Rs 17,951 for 78 days.

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