ISLAMABAD, Jan 29: Counsels for retired employees of State Bank of Pakistan (SBP) completed their arguments in the contempt case filed by them against the bank management for not implementing judgment of the Apex court regarding their benefits under the Golden Handshake scheme.

The Supreme Court bench comprising Chief Justice Nazim Hussain Siddiqui, Justice Javed Iqbal and Justice Abdul Hameed Dogar will continue hearing of the case tomorrow when the counsel for State Bank of Pakistan, senior advocate Khalid Anwar will present his arguments.

Representing the retired SBP employees, senior advocate Fakhar ur Din Ibahim in the contempt case, argued before the court that the bank management wrongly calculated the date of retirement of the employees who opted for Golden Handshake scheme offered by the bank.

He argued that SPB announced its Golden Handshake scheme on 23 October, 1997 and asked the employees to file their consent by 22nd November, 1997. Advocate Fakhar ud Din Ibrahim said the employees submitted their willingness by 15th December, 1997 even before the implementation of the scheme after the introduction of new pay scale for them.

He argued before the court that although SBP has paid Rs 1.52 billion to the retired employees which included pension and other benefits as regular retirement but the management wrongly calculated the date of retirement which has caused financial loss to the employees.

There are 1,458 employees who accepted the Golden Handshake scheme from the Bank and due to the dispute in the date of retirement for the calculation of perks and privileges the employees claimed that they were not paid accordingly.

Fakhar ud Din informed the court, if there is proper calculation according to the last pay drawn by each employee, the SBP has to give about Rs. five to six lakh more to each employee.

He urged the Supreme Court through the contempt petition to implement the judgment of Supreme Court given on 2nd April, 2001. Advocate Mujib Pirzada MNA, representing employees in the case supporting the arguments of Fakhar ud Din Ibrahim said the last pay drawn should be the basis for the calculation of the benefits and privilege of the retired employees who opted for Golden Handshake scheme.

He said there is clear difference between pension and other privileges entitled by an employees as normal retirement and when he was being retired under the Golden Handshake scheme.

Senior advocate Akram Sheikh representing employees argued before the court that calculations for all types of benefits and privileges should be based on the date of retirement and on the basis of last pay drawn.-APP