NEW PENSION HAS NO LEGAL STANDING
Justice has given the judgment in the case in reference to a similar writ petition which was disposed of as per judgment dated 26th October 2017. It was held in the judgment that “thus I have to hold that the New Pension Scheme will have to be introduced as a Regulation, as contemplated under section 50 and will have to follow the procedure under section 50(4) to have a legal effect”.
In the present writ petition, it is held by the justice that “so long as the New Pension Scheme was not introduced as a Regulation as contemplated under section 50 of the Act and in order to have legal effect the procedures contemplated under section 50 are to be followed, going by the said judgment, as on today, it got no legal effect.
Read - Court Case - New Pension Scheme in State Bank of India has no legal effect
In such circumstances, I am of the view that the New Pension Scheme is not now, available for consideration. Needless to say that if it is validated in accordance with the provisions of section 50 of Act, as has been observed by this Court, it will be open to the petitioner and the employees affected by such validation of the New Pension Scheme to challenge it appropriately, in case they are desirous to do so. So also, it is evident that as per the said judgment this Court granted liberty to the Central Board of the Bank to consider whether the petitioners therein could be admitted to pension fund covered by the pension rules.
If a decision is taken in that matter and if it is ultimately against the interest of the members of the petitioner union, the petitioner union as also its members would certainly be free to challenge it appropriately in accordance with law”.
Read - Court Case - New Pension Scheme in State Bank of India has no legal effect
In such circumstances, I am of the view that the New Pension Scheme is not now, available for consideration. Needless to say that if it is validated in accordance with the provisions of section 50 of Act, as has been observed by this Court, it will be open to the petitioner and the employees affected by such validation of the New Pension Scheme to challenge it appropriately, in case they are desirous to do so. So also, it is evident that as per the said judgment this Court granted liberty to the Central Board of the Bank to consider whether the petitioners therein could be admitted to pension fund covered by the pension rules.
The stand of the Union is vindicated through the Judgment of the Hon’ble High Court holding that the New Pension Scheme in State Bank of India has no legal effect. The pronouncement of the judiciary gives everyone of us a great relief as the Union has spearheaded the case and followed it up in the best interest of protecting and preserving the hard earned rights of the workmen.
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