Supreme Court observes minimum Rs 8000 for bank pensioners

The Supreme Court observed on Tuesday that it will fix minimum rate of pension as Rs 8,000 with annual increase of five percent for bank's pensioners. A three-member bench led by Chief Justice Mian Saqib Nisar said this while deciding a suo motu notice for viable solutions to financial difficulties being faced by bank pensioners.
On Jan 19, 2018, the Supreme Court granted two weeks to management of banks to come up with viable solutions to the problems of bank pensioners, observing in case of failure of amicable solution by the banks, the court shall give its verdict in accordance with law.
Appearing before the bench, counsel for UBL submitted that minimum rate of pension has been fixed as Rs 5,250 with an annual increase of five percent as well as counsels for ABL and HBL also showed consent for the same formula. In a brief hearing of case, the bench said there would be prospective effect of court decision in the matter.
Earlier, Chief Justice Mian Saqib Nisar said while citing the bank counsels there should be a balanced approach with regard to pensioners' demands and stance taken by the management of banks. The Chief Justice was of the view that the court is not intended to sink the whole ship by its verdict. The hearing was adjourned for date in office.