KCCB to recover bonus and ex-gratia from staff

The staff did not receive its annual bonus/ex-gratia this year, as was the practice earlier. In addition, they will now have to return what they received last year, in instalments.

0
242

The Kangra Central Cooperative Bank (KCCB), which has been struggling with its non-performing assets (NPA) for some time now, has started recovering in instalments 41 per cent of the bonus and ex-gratia paid to its employees in 2017.

Staff of KCCB — which has 200 branches spread across Kangra, Una, Hamirpur, Lahaul-Spiti, and Kullu— received one salary as bonus and ex-gratia annually. However, this year, the staff did not receive the bonus. Yet, the recovery was ordered to be made in five instalments. This step has been taking reportedly because the bonus was being paid from the gross profit, instead of the net profit of the bank.

Comment on the Article

Please enter your comment!
Please enter your name here