-
by Admin
07 May 2024 2:49 AM
In a significant judicial pronouncement, the Delhi High Court has reaffirmed the entitlement of prematurely retired bank employees to pension benefits. The ruling comes in response to Punjab National Bank's appeal against the order of a learned Single Judge, which had granted pension benefits to a retired employee.
The court's decision was anchored in the interpretation of Punjab National Bank (Officers) Service Regulations, 1979, and Punjab National Bank (Employees) Pension Regulations, 1995, alongside a Joint Note/Bipartite Settlement. The pivotal issue revolved around whether the employee, who had retired prematurely in 2004, was eligible to exercise the 2nd option for a pension following a Circular issued in 2018.
The court addressed this contentious matter by emphasizing that the Joint Note made no distinction between premature and compulsory retirement concerning eligibility for the 2nd pension option. It held that the Subject Circular and IBA Circular should not be interpreted restrictively and should extend the benefits of the Joint Note to all qualifying employees, regardless of their retirement type.
Court asserted, "The Respondent met the criteria set in the Joint Note for the 2nd pension option," and rejected the Appellant's restrictive interpretation. It further recognized the Respondent's right to pension benefits, thereby upholding the Single Judge's directive for the release of retiral benefits to the Respondent.
This landmark ruling sets a significant precedent, ensuring that prematurely retired bank employees are not denied their rightful pension benefits, and it clarifies the interpretation of regulations governing such cases.
Date of Decision: 01 November 2023
PUNJAB NATIONAL BANK & ORS VS SUDHIR KUMAR MEHROTRA
