Wednesday, July 24, 2024

Supreme Court Orders NBP to Pay Rs60 Billion to Retirees

The Supreme Court of Pakistan has rejected the National Bank of Pakistan’s (NBP) review petition and mandated the government-owned bank to disburse Rs60 billion to 11,500 pensioners.

The dispute arose in 1999 when the NBP management, via an order, slashed pensions by nearly 33%, contrary to a previous pension scheme initiated by the federal government in 1977. Retired employees contested this decision in the Supreme Court.

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In September 2017, the apex court issued a directive instructing the state-owned bank to increase pensions for its retired staff. However, the bank lodged a review petition with the apex court in early 2018, sparking a lengthy legal battle that left retirees in financial uncertainty.

A three-member bench, led by Justice Mansoor Ali Shah and including Justice Athar Minalla and Justice Muhamad Ali Mazhar, dismissed the NBP’s review plea and instructed the government to settle the outstanding dues within one month.

After six years, the Supreme Court upheld its previous verdict to grant pensions to the affected employees.

Salman Akram Raja, the counsel representing the retired NBP employees, expressed elation following the court’s decision, stating that the apex court had set a precedent by affirming the rights of the underprivileged in the country. He expressed hope that the government would promptly release the funds in accordance with the Supreme Court’s ruling.

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Zubair Yaqoob
Zubair Yaqoob
Zubair Yaqoob is a senior anchor, and an investigative journalist with an impressive 37 years of experience. Zubair's journalistic journey has been marked by a relentless pursuit of truth and a commitment to delivering impactful stories.Zubair's expertise extends beyond borders, reaching as far as Malaysia, where he has left an indelible mark on the international journalism landscape. His global perspective and keen analytical skills have allowed him to navigate diverse cultural landscapes, bringing a unique and enriching perspective to his reporting.Whether he's in the studio or on the field, Zubair continues to be a driving force in the world of journalism, bridging gaps, fostering understanding, and unraveling the stories that matter most. As the Headline PK Author, Zubair remains at the forefront of news, guiding audiences through the complexities of our ever-evolving world.

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