Pension scheme for Bank Staff

HC clears way for new pension scheme for bank staff

TNN, Aug 12, 2010, 02.24am IST

Read more: HC clears way for new pension scheme for bank staff – Chennai – City – The Times of India http://timesofindia.indiatimes.com/city/chennai/HC-clears-way-for-new-pension-scheme-for-bank-staff/articleshow/6295264.cms#ixzz0wMrSe6CL

CHENNAI: Clearing the decks for implementation of the revised pension scheme for over eight lakh bank employees in the country, the Madras high court on Wednesday vacated an interim stay which prevented bank managements from giving effect to the scheme. The scheme will have an option for addition of new members too.

The first bench comprising Chief Justice M Yusuf Eqbal and Justice TS Sivagnanam gave the relief on an appeal filed by the Indian Banks Association.

It all started in 1993, when the All India BankEmployees Union and other unions signed an agreement to extend a pension scheme for bank employees in lieu of the banks’ contributory provident fund scheme. More than three lakh employees, who initially did not join the new scheme, later demanded that they too be given a choice to join the new pension scheme.

After years of negotiations, on April 27, 2010, staff unions and bank managements signed a settlement, in which the Indian Banks Association agreed to extend the scheme to all employees, including those who had retired after September 1995 but remained in the old provident fund scheme. The United Forum of Bank Unions comprising nine trade unions and representing more than eight lakh employees and officers signed the pact.

However, Canara Bank Workers, a union which was not a party to the settlement, filed a petition stating that those who join the scheme after the April 2010 settlement would be contributing more amount to it than those who are already part of the scheme. A single judge stayed the implementation of the scheme, after it was submitted that high courts in Allahabad and Andhra Pradesh had given similar interim rulings.

However, after it was clarified to the bench that no such order was ever passed by any high court, the judge modified the order but still retained the interim order of stay.

Assailing the interim order, despite the clarification that no other high court had granted such an order, the appeal by Indian Banks Association submitted that the interest of over eight lakh employees had been undermined due to the efforts of a minuscule minority’.

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