ISLAMABAD: The Supreme Court of Pakistan on Tuesday fixed an amount of Rs8000 as pension for retired bank employees and also directed the banks for a 5 percent annual increase in the pension.
A three-member bench of the apex court headed by Chief Justice Mian Saqib Nisar heard the case.
During the course of proceedings, a counsel for the United Bank Limited (UBL) informed the bench that the bank had fixed Rs5250 as the pension amount for former employees.
The court was also informed that ABL and HBL had also fixed an amount of Rs5250 for pension.
The chief justice remarked that the court would enhance the minimum amount of pension, and the counsel for the retired bank employees termed the increase in pension a good step.
Advocate Ayesha Hamid informed the court that the government had fixed Rs15000 as minimum salary and according to formula the pension amount should be Rs7500.
The court then fixed the pension amount to Rs8000 and remarked that it would be applicable after the court’s verdict in the case.