In Brief
In this appeal concerning banking sector pension disputes, the Supreme Court examined whether employees were entitled to pension upon completing 15 years of service under a Voluntary Retirement Scheme (VRS) approved by the Central Board and the Indian Banks' Association. The Court held that employees who completed 15 years of permanent service as of the cut-off date were entitled to proportionate pension as per the Pension Fund Rules. The Court rejected the bank's reliance on inaction, ruling that having accepted the scheme with its essential eligibility criteria, the bank could not arbitrarily deny benefits. The appeals were disposed directing benefits be extended to all similarly situated employees without requiring litigation.
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