IBA has sent advice to member banks to offer
pension option to the compulsorily retired employees in terms of the settlement
of 2010.
IBA has sought legal opinion from a law firm whose services are engaged as retainer ,which is reproduced below
IBA has sought legal opinion from a law firm whose services are engaged as retainer ,which is reproduced below
“Having considered the decisions rendered by the Hon'ble
High Courts of Andhra Pradesh,Madras, Madhya Pradesh,
Punjab & Haryana, Patna which have ruled in favour of the
employees/officers who were compulsorily retired by way of
punishment on the ground that they are covered by the Joint
Note as well as decision of the Hon'ble Delhi High Court which
has taken a contrary view on the technical ground and the
fact that SLPs preferred against the judgments of the High
Courts which had ruled in favour of the employees were
dismissed, though such dismissal cannot be considered as
law laid down by the SC, we are of the considered view that
the banks are bound to give 2nd option to all the employees/
officers who were compulsorily retired and who fall within the
ambit of the Joint Note to exercise 2nd option for the following
reasons: -
High Courts of Andhra Pradesh,Madras, Madhya Pradesh,
Punjab & Haryana, Patna which have ruled in favour of the
employees/officers who were compulsorily retired by way of
punishment on the ground that they are covered by the Joint
Note as well as decision of the Hon'ble Delhi High Court which
has taken a contrary view on the technical ground and the
fact that SLPs preferred against the judgments of the High
Courts which had ruled in favour of the employees were
dismissed, though such dismissal cannot be considered as
law laid down by the SC, we are of the considered view that
the banks are bound to give 2nd option to all the employees/
officers who were compulsorily retired and who fall within the
ambit of the Joint Note to exercise 2nd option for the following
reasons: -
> The Joint Note does not distinguish between voluntary retirement, superannuation, premature retirement, compulsory retirement. Even the employees/ officers who are compulsorily retired by way of punishment are eligible for pension under the pension regulations. Banks being "State" within the ambit of Article 12 of the Constitution of India should act in a fair and reasonable manner and should not restrict it only those who demand it. Such stand, if any, adopted by the banks may invite strictures from the Courts. "
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