Monday, September 15, 2014

Pension option to CRS employees - Supreme Court Decision

Pension option to Compulsorily Retired employees was denied under 9th Bipartite Settlement in which pension option was given to other eligible retirees. Recently Division Bench of Supreme Court dismissed special leave petitions by Andhra Bank Management against Andhra High Court order allowing pension option to the compulsory Retired Employees also along with the option given to other eligible retirees under 9th settlement. 
Since the judgement has been given by highest court of the country, Andhra Bank management is under obligation to give pension option to the petitioners and other eligible retirees in the bank.
Order passed by the Supreme Court in the above referred SLPs and  the principles laid down by division bench of Andhra High Court while delivering the judgement in the matter  are applicable not only to the petitioners but to all affected compulsory Retired employees
AIBRF has written a letter to Chairman IBA requesting him to advise all member banks to pass the benefit  and give pension option to all compulsarily  retired employees.

Source : AIBRF website


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