PIJUSH KANTI NANDY Vs. UNITED BANK OF INDIA

JUDGEMENT

(1.) The petitioner was born oh 10th May. 1934. On 14th July, 1971 he joined the services of the respondent bank. The conditions of service of the petitioner with the respondent bank which were controlled by the rules, made in exercise of statutory power, provided that if an employee has rendered 20 years service or has attained the age of 50 years, he should be entitled to apply for voluntary retirement. In 1989 although the petitioner was more than 50 years of age. he had not rendered 20 years of service, but still then he having had an opportunity to retire voluntarily in terms of the rules, he applied therefore and such application of the petitioner was accepted by the respondent- hank and. accordingly, the petitioner retired on 31st May, 1989.

(2.) The age of the petitioner as on 31st May, 1989 was 55 years 21 days. If the petitioner had not been permitted to voluntarily retire, in accordance with the service rules, the petitioner could serve up to the age of 58 years. As on the date the petitioner voluntarily retired, he could serve for 2 years 11 months and 9 days more. If his voluntary retirement had not been accepted.

(3.) On 29th October. 1990 Pension Scheme was introduced in RB.I with effect from 1st January. 1986. The Trade Unions of the officers of the banks Including the respondent-bank as well as Canara Bank demanded similar Pension Scheme for the officers working in those banks, In the banking Industry the service conditions are negotiated and settled between the trade unions representing bank officers and management of all banks which authorises one of the members of the bank viz. the Indian Banks Association to negotiate and settle the service conditions pn their behalf. Based on the agreed conclusions reached in such bipartite meetings statutory regulations are framed by the bank managements under the provisions of the relevant' rules. As a result of negotiation between the unions of the workmen, the Officers' Association and the Indian Banks* Association, an Agreement was signed on 29th October, 1993 whereby it was agreed that a Pension Scheme in lieu of provident fund shall be introduced with retrospective effect from 1st January, 1986.