Supreme Court Upholds Retired Employees in Cooperative Bank Pension Dispute - Pension Scheme Cannot Be Unilaterally Discontinued After Employees Have Opted and Availed Benefits Under Punjab State Cooperative Agricultural Development Banks Employees Pension, Family Pension and General Provident Fund Rules, 1989. The Court held that pension is a deferred wage and accrued right, and amendments to service rules under Section 84A(2) of Punjab Cooperative Societies Act, 1961 must be prospective, protecting employees' legitimate expectations.
11 Jan 2022The dispute arose from the Punjab State Cooperative Agricultural Development Bank Ltd.'s decision to discontinue a pension scheme introduced in 1989 f...
