The cooperative sector received a long awaited pay hike on December 20 when Industry and Commerce Minister Rishad Bathiudeen informed them of new salary structure.
“The good news is that salaries have been increased,” Minister Bathiudeen said at a ceremony at the Sri Lanka Foundation Institute.
He was addressing the launch event of new handbook on Salaries and Recruitment Procedures of Cooperatives.
The comprehensive new manual sets out the increased salary structures for employees of National Level Cooperatives managed by the Central Government.
Similar salary increases and human resource procedures for each provincial council co-ops are to be introduced in future.
According to the increment given to National Level Coops on December 20, the lower grade basic salary of Rs. 9, 000 has been increased to Rs. 14,200 while higher grade basic salary Rs. 38000 stands increased to Rs. 51100.
“The employees of our cooperative sector have been contributing Sri Lanka’s development greatly. It is time we recognize their contribution,” Minister Bathiudeen said, adding, “This is the first time in 9 years that cooperative salaries have been increased.
I thank all cooperative employees for their great contribution to the country.”
At present there are 14,454 cooperatives active across Sri Lanka’s nine provinces in various sectors - production, services, SMEs, women’s development, rural banking, insurance and farming, employing 46,000. The Lankan cooperatives assets and savings base totals Rs. 418,416 million (US $ 2.8 Bn).