A LEADING bank has exercised a 50 per cent cut on the pension of its retrenched employees from March this year in violation of the Supreme Court decision. The apex court in 2018 fixed a monthly pension of Rs8,000 with a 5pc increase for all those employees who got retrenchment letters from UBL in the year 1997 under a “Mandatory Separation Scheme”.
The decision by the bank management has hit more than 3,800 pensioners of the bank all over the country. The UBL sacked employees association, a mouthpiece of dismissed workers, vowed to challenge the decision in the top court and initiate a countrywide protest against the management. They also appealed the government to intervene and save the poor UBL pensioners from financial genocide.
Published in Dawn, October 11th, 2019