......As per this, Defined Contribution Pension Scheme (DCPS)/NPS would apply to those joining services on or after April 1, 2010. But this settlement between Indian Banks’ Association and unions of other banks would not apply to SBI, the petitioner contended. This is because the bank was not party to this settlement insofar as pension-related matters were concerned. But central board of SBI on November 8, 2010, decided that all employees joining in permanent scale on or after August 1, 2010, shall be offered only the benefit of DCPS. The SBI Act did not empower the central board to amend pension fund rules, and that too with retrospective effect, it was contended.........
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1 comment:
While the Hon’ble court will go into the merits of the prayer limited to application of NPS to employees joining SBI on or after August 1, 2010, it would be prudent for GOI and employees in government (including state governments), public sector organisations and statutory bodies who have been brought under NPS from various dates from January1, 2004 to revisit the pros and cons of introduction of NPS without waiting for the court verdict.
Issues like the legality of commitment taken by IBA from employees’ organisations on introduction of NPS to a category of employees yet to join service and the enforceability of 9th bipartite wage settlement on SBI employees joining service long after the settlement should be gone into by the stakeholders, independent of the present court case. These are matters affecting the legal validity of introduction of NPS by government and various other organisations.
M G Warrier, Thiruvananthapuram
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