THE president of the National Bank has recently awarded an increase in the pay of his bank employees for the period 2012-13, In the light of performance of the bank, he also awarded heavy reward in cash to himself, the chairman of the board of directors, executives and other employees.

He also announced 75 per cent dividend, along with 10 per cent bonus shares, to all shareholders of the bank. The president has realised the present uncontrolled inflation in price hike while considering the awards and package to the serving employees.Despite all this generous distribution of cash award, the president totally ignored the retired employees of the bank who are desperately waiting for the release of their increase in pension stopped for the last two years as announced by the federal government with effect from July 1, 2010 and July 1, 2011.

The bank pensioners are already passing an agonising period due to an unprecedented increase in inflation. The employees who retired between 1999 and 2004 are adversely affected and suffered in fixation of their pension due to the promulgation of the head office circular, no. 37/99 dated June 16, 1999.

They were expecting to be compensated with simultaneous increases as and when announced by the federal government. But despite their poor financial conditions, the president has stopped the release of instruction increasing pensioners’ sufferings.

Undoubtedly, retired employees of the bank had contributed a major part of their lives and made the bank financially strong.

The NBP pensioners are entitled to pension and any increase by virtue of pension Rules 1977 promulgated vide ministry of finance notification no. 17() IF – XI- 77 dated Nov 30, 1977, and adopted by the bank effective till date as under:

Rule no. 10 since the rate of pension and gratuity given above has been fixed by the Pay Commission for the banks and financial institutions on the same lines as obtaining on the side of the federal government.

The existing pension and any changes or revision in the rates or scale of pension or gratuity that may hereafter be made by the federal government will also apply to the officers and executives of the bank.

Interestingly, the Punjab government has recently decided to implement the order of the provincial ombudsman to pay the living allowance to all its 116,379 pensioners at the rate of seven per cent of their basic salary with effect from April 1, 2012, and the finance department has issued a notification in this regard.

The NBP should realise its responsibility of taking care of the welfare of the pensioners, their families, and widows. They deserve sympathies. They do not have any voice or any pressure group to support them.

The NBP president and the chairman of the board of directors should issue instructions about releasing previous increases in pension of the retired employees for the period of July 1, 2010, and 2011 as already granted and availed of by all the provincial/federal retired employees.

MAHMOOD AHMAD MINHAS Lahore