A brief note sent by our advocate Mr Sewaram PNB Pensioner & Advocate

A brief note sent by our advocate Mr Sewaram 

PNB Pensioner & Advocate -

Quote

Sir,

You are aware that bank employees pension updation case which the employees of PNB, PSB and Oriental Bank had lost in Punjab & Haryana High Court in 2016 is now pending in Supreme Court since 2016 in MC Singla case which is now converted as Civil Appeal no. 7993/2023. In 2018 Association of IOB retired employees (ARISE) got impleaded in this case for effectively putting up the case with the support of AIBAPARC under the patronage of Sh. K V Acharya ji who is an IOBean and  well known leader in banking industry. In fact, much before the MC Singla case,  in 2010 ARISE had filed a writ petition no. 5030/2010 in Delhi High Court for pension updation and I am counsel for ARISE in both the above cases. The stand of  IBA for denying pension updation in both the cases has been (a) no provision for pension updation in pension regulation (b) no mandate from banks to negotiate pension updation (c) inability of banks to meet the cost of pension updation. We have strongly refuted the IBA contentions in Supreme Court as well as in Delhi High Court and have already placed on record the documents and IBA letters to AIBOC showing that updation was specifically agreed an signed minutes by IBA dated 26.3.1994 and based on which in Dec 1994 IBA had directed all banks to update the pension of those who had retired upto 31.12.1987. The provision in Regulation 35 was specifically made and it was made applicable in future also vide amendment in 2003. Pension Fund position of all banks has also been filed in Court which shows that even annual income in pension fund is sufficient to meet the annual cost of pension updation. The IBA plea that it has not been authorised by banks to negotiate pension updation is false on face of record because IBA has been negotiating the pension updation issue during recent bipartite settlement and had signed an agreement dated 9.3.24 with unions to resolve the issue of pension updation with six months. We have placed before Delhi High Court on 8.10.24 the said agreement dated 9.3.24 and the Court has taken the same in record . These facts completely answer and reject all pleas of IBA against pension updation. Delhi High Court has adjourned the case to 7.2.25 awaiting outcome of Supreme Court case.

Our application in Supreme Court for early hearing is not listed upto 21.10.24. So we are now planning to file a mention memo on 14.10.24 which may be listed in 2 or 3 days  before the court and we will pray the Hon'ble Judges to give an early fixed date for final hearing of case.

Sewaram.

Unquote