Dec 23, 2016

Christmas dawns early for Lankan Coops

The cooperative sector of Sri Lanka tasted sweet success for their silent efforts on December 20 when they were given their long awaited pay hike-with that, the sector also received its first ever human resource management manual.

“The good news is their salaries have been increased,” said Minister of Industry and Commerce Rishad Bathiudeen on 20 December at Sri Lanka Foundation Institute.

Minister Bathiudeen was addressing the launch event of new handbook on Salaries and Recruitment Procedures of Cooperatives at Sri Lanka Foundation Institute on 20 December. 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 coops 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 9000 has been increased to Rs 14200 while higher grade basic salary Rs 38000 stands increased to Rs 51100.

“The employees of our cooperative sector have been contributing to Sri Lanka’s development greatly. It is time we recognize their contribution. The good news is their salaries have been increased” said Minister Bathiudeen and added: “The Cooperative Payments and Recruitment handbook launched today is another reward for them. The handbook shows the newly revised salaries for our cooperative employees. After 9 years this is the first time that the cooperative salaries have been increased since 2008. I thank all cooperative employees for their great contribution to the country.”

At present there are 14454 cooperatives active across Sri Lanka’s nine provinces. They are in various sectors-production, services, SMEs, women’s development, rural banking, insurance and farming. These 14454 cooperatives are employing 46000. The Lankan cooperatives assets & savings base totals to a huge Rs 418,416 million (US $ 2.8 Bn).