The decks have been cleared for bank staff, both serving and retirees, to be given another option to join the pension scheme.
The Madras High Court on Tuesday vacated an interim stay on the implementation of a bipartite settlement arrived at earlier this year between the IBA and the United Forum of Bank Unions (UFBU) on this matter.
With the interim stay having been vacated, the Indian Banks' Association (IBA) on Tuesday directed the chief executives of public sector banks to immediately seeking option from employees, both serving and retirees, who had not opted for the scheme earlier.
As many as 2.62 lakh serving employees and 55,000 retirees will benefit from the move to give them another opportunity to join the pension scheme.
The All India Bank Employees' Association (AIBEA) General Secretary, Mr C.H. Venkatachalam, expressed satisfaction that the legal hurdle has been removed, paving the way for the implementation of the long-awaited pension option for all remaining officers and staff.
IBA suggestion
Meanwhile, the IBA has also asked the PSBs to consider setting off the commutation amount of the optees against the amount due from them for joining the pension scheme.
The Canara Bank Workers' Union had filed a writ petition in the Madras High Court complaining of discrimination against the original and new optees.
A single judge bench had granted an interim stay in the last week of June. The IBA had then filed a writ appeal, which was supported by the AIBEA and the National Confederation of Bank Employees (NCBE).
The existing pension scheme is not applicable to those who join the banking service on or after April 1, 2010; officers/workmen employees joining banks on or after this date will be eligible for a defined contributory pension scheme on the lines of the new pension scheme for Central Government employees.
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