Banks Directed by Supreme Court to Pay minimum pension of Rs. 8000 with 5% Increment!

Pension Payment

Supreme Court has given orders to 3 banks for paying a least pension of Rs. 8000 to all their retired workers. Pakistan’s apex court attempted a suo moto notice for the funds concerning the funds of the retired employees of bank.

The affected gave a message to the court that they are getting affected by the low pay with regards to the service they gave while working and dedicating a big time to the banking sector. Taking notice, the bank called top banking officials too and queried about the salaries of pensioners.

Expressing its discontentment, the court stated that it’s quite said to learn that the salaried individuals of banks are earning in millions whereas the pensioners are not even being paid bits of the money.

Judgement of the Court

The court has take suo moto notice declaring the decision for the case on 13th February. Per the court’s decision, all the retired individuals of Bank UBL, HBL and ABL, whose pension earnings are lesser than Rs. 8000 will have a chance to see and increase up to Rs. 8000. All the ones which are receiving higher than 8k, will remain getting so.

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Not just this, a 5% increase is also subject to be added with the minimum pay of Rs. 8000. The case where retired individual is late; their widows will get the pension. The increase of 5% will be effective on 1st January of each year.

Where UBL is concerned, cut back employees who gave their services for the banking sector over 10 years will also get pensions. This decision is effective on the pensions that are being given under category of ‘frozen’. Those who have taken Voluntary Separation Scheme or Golden Handshake Scheme are not entitled for this decision of minimum pension.

Courtesy: PK Revenue

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