Wage Agreement with increased salary in Cosmos Bank

FPJ Bureau | Updated on: Thursday, March 31, 2022, 02:08 PM IST


Wage agreement with increase in salary was recently signed between, The Cosmos Cooperative Bank Ltd., and Cosmos Co-op Bank Sevak Sangh for the years 2020 to 2025.

Staff Representative, Umesh Datar informed about the wage agreement in detail. He informed that staff has been given substantial increase of 10% in their salary. Amongst the total increase, 60% is fixed while 40% is based on performance. Staff who have completed 25 years of service on 01.04.2022 & onwards will receive loyalty bonus of Rs. 25,000/-

In the agreement executed between Cosmos Bank Management and Cosmos Bank Sevak Sangh, staff is offered housing loan at concessional interest rates along with all other loans. Facilities such as festival allowance, medical insurance, retirement benefits are included in this agreement.

Cosmos Bank’s Chairman CA Milind Kale in his speech said, “We directors are taking right decisions at right time for the progress of the Bank.”

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Published on: Thursday, March 31, 2022, 02:08 PM IST