SC fixes Rs8000 as pension amount for retired bank employees

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PakistanToday
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29
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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.

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29 COMMENTS

  2. It should be Careful. That in ALLIED BANK interest on Commutation Amount that was ceased as on jun,2002 .

  4. Honourable court is requested to decide the pension case on merit .Can Khushaal Bibi become khushhal in 8000/= why the banks not pay increase on monthly pension from the it is frozen &the bank retired employees are deprived of the profit earned on their funds, For God sake please think over it .

  5. as per pension rules the Govt. pays 70% pension of the last pay drawn. But in case of banks we are astonished as to the formula adopted by banks for payment of pension ti their employees.I wonder from which country have they imported this formula calculating pension. Further the govt.in view of increase in prices of commodities of day to day use allows increase in pension also. But the banks pay the fixed amount of pension from the day of retirement to the day of death,and that too is fixed as per their unique formula

    • we expect that honorable Chief Justice will provide the depressed retired bank employees justice on humanitarian grounds.

  8. All the employer who has been sent home under vss or retrenched must be given this pension because they all were recruited under pension programe

  9. RETIRED BANKERS ASSOCIATION (RBA) FOR PENSION & BENEFITS STRUGGLE
    All the banks employees who have not been given pension by their banks in any way are requested to like ,comment with bank ,name and address share this post to show their interest for pension according to employment contract..By the grace of Allah every one will get his right according to employment terms and conditions. It may take time 3 months to 12 months.It is national level issue. every one will work for this single cause All concerns will attend a session of meeting in Islamabad /Lahore /Quetta/Peshawar on the given time date and venue
    Agenda of Meeting
    Pension according to NBP formula
    Welfare fund contribution by banks (HBL,UBL,MCB,ABL)
    Medical expenses reimbursement facility
    Annual 15% increase in pension
    Restoration of Full pension payment after commutation period
    Hajj lucky draw sponsorship
    Merit Scholarships for children
    Jehaiz for daughters from benevolent fund
    Increase in benevolent pension from Rs.3000 to 4000 as per ministry of finance Circular
    Interest free personel loans against pension
    Deceased pension to unmarried son/daughter

    Syed Sajjad Hussain Shah MBA,DAIBP
    HBL Retired OG-I Gujrat
    Contact.03216225098

    • I fully agree & endorse your suggestion. HBL is owned not only by a private family, only 26 % & rest of the 74 % shares are owned by the GOVT . In this way the pension rules of the NBP should be applicable in our & other private denationalized Banks from the date of retirement of every pensioner. The Banks are earning billions of profit every year, so there is no reason, why they should deny the rights of poor retired staff, executives, officers, & other staff of lower ranks. I hope these submissions will be brought in the knowledge of the worthy Chief justice, other justices looking into our case. I hope only NBP formula will work. Thanks.

      • Though the final decision of the supreme court is not satisfactory, and even that is not applicable on the golden handshake retirees.It is strange. They were also offerd the pension facility, which was freezed afterwards onesidedly. I have served the bank for thirty six years & I am being deprived of the new rules. Is it not injustice. We are also being hit by the inflation. After all there must be some rules for all the staff receiving pension. Thanks.

  13. MCB retired employees few years back have NO pension at all. What about those? What SC and State have for them? I have served 40 years to this bank.
    Muhammad Saleem
    (R) OG-1 BM
    MCB Bank Ltd in year 2008

  14. All the pensioners from any bank should struggle with unity and take up the matter in supreme court.every one should contribute in this move financilly as well as morally.we should motivate all our retired collegues to unite under unit and strive for this cause wholeheartedly.we are ready for this.letus join hands.
    Arshad shairi Retired Senior Manager HBL

  16. can this decision also implement an other bank retaird employee UBL mohammed akbar mughal

  18. Please share comprehensive action plan to proceed furthur in the matter.I shall coordinate with my other collegues in the connection for meeting on the agenda.

  19. سپريم ڪورٽ جي سخاوت کي سلام…………ماڻهن جي جذبات سان کيڏڻ آهي ٻيو ڇا…………مال پاڻي زندهآباد باقي سڀ مرده آباد

  22. As per this decision I.e. giving relief to retired employees of UBL gratuity amount should also be recalculated on the basis of rise in pension. Also MONTHLY B.F. Grant should also be increased from meagre amount Rd.1620/- which was stopped after the age of 70 of the retiree. Sir is it justified. Likewise medical reimbursement amount should be increased simultaneously. It is respectfully prayed.

  23. What about those bankers retrenched from UBL and not given any pension after that… will arrears be included for them in this decision?

  24. My father was retrench from ubl in 1997 can he also avail this pension facility and if then what the procedure

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