ISLAMABAD: In today’s ruling, the Supreme Court of Pakistan has directed the National Bank of Pakistan (NBP) to pay Rs60 billion to 11,500 retired employees of the bank within a month.
The Supreme Court announced its decision in response to a review appeal, the NBP had filed six years ago challenging the apex court’s ruling in the pension case.
The three-member bench headed by Justice Mansoor Ali Shah upheld the SC’s previous decision to release pensions to the retired employees of the National Bank.
READ MORE: Pakistan introduces new voluntary pension scheme for govt employees, details inside
The retired NBP employees have lauded the decision, saying the bank had reduced the pension rate to 33 percent in 1999. The decision has been well lauded by former NBP employees, who claim that the bank had lowered the pension rate to 33 percent in 1999.
Earlier in 2018, the Bank filed a review petition against the judgment of the Supreme Court of Pakistan in the pension case and also moved an application for the constitution of a larger bench which was accepted. Pending the decision of the review petition, the financial impact of the subject case has not been included in the financial statements as the Bank looks forward to a favorable outcome of the case, NBP said in a press release.