SUPREME COURT VERDICT IN FAVOUR OF AFFECTED RETIREES BETWEEN 1.4.1998 AND 31.10.2002

Dear Comrades,

Please refer to our posting on 14.02.2018, informing about the Verdict given by the Hon’ble Supreme Court on 13.02.2018 in favour of the affected retirees between 01.04.1998 and 31.10.2002.

We now attach herewith the relevant Supreme Court Order copy for your information.

The dispute is with respect to the employees who retired or died while in service on or after 1.4.1998 and before 31.10.2002. These retirees were not given the benefit of 50% of Pay as Basic Pension as other retirees. Though the above anomaly was rectified later and these retirees were given the benefit of 50% of Pay as Basic Pension with effect from 01.05.2005, they were not given arrears from their date of retirement upto 30.04.2005.

On taking up the case with various courts and finally the Hon’ble Supreme Court has now issued order in favour of these retirees instructing the Banks to rectify this anomaly and pay the arrears of the difference in Basic Pension and the relevant Dearness Allowance on it, alongwith the interest at 9%, within four months from the date of its Order (13.02.2018).

We hope IBA would soon issue instructions to all the banks in this regard.

Regards,

Krishnaraj P

Joint General Secretary

Supreme Court Judgement on 1616-1684 points