In Brief
A bank employee who took voluntary retirement in 2001 missed the deadline to opt for a new pension scheme in 2010 because he was abroad and unaware of the deadline. The High Court allowed his late application on equity grounds, given his long service. The Supreme Court upheld this decision as exceptional, limited to these specific facts and not as a precedent. However, the employee must refund provident fund contributions with 6% annual interest as a condition. The bank was directed to process pension benefits within 60 days from the date of the refund, effective from the High Court's order date.
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