LAHORE - The Lahore High Court on Friday reserved judgment on a petition of retired employees of National Bank of Pakistan against reduction of their pension to 33 percent.
Justice Farrukh Irfan Khan of the LHC was holding proceedings on the petition. Appearing on behalf of the retired employees, a counsel submitted that board of governors of the NBP has reduced the pension of their retired employees from 70 percent to 33 percent. He said it is illegal, unconstitutional and based on malafide intentions.
He said the supreme court already had held that the board of governor have not authority to make amendments in the rules of the bank.
He said according to the law the retired employees of the federal institutions get 70 percent pension.
He said by the order of the BOG, the pensioners are being given 33 percent and being deprived of remaining 37 percent.
Appearing on behalf of the federal government, a law officer submitted that the BOG has authority to make amendments in the rules of the bank and its decision to reduce the pension limit is legal and constitutional.