https://www.taxtmi.com/caselaws?id=310950 A retrospective deletion of a bank pension rule could not extinguish pension rights that had already vested in employees who had opted into the scheme and were drawing pension. The Court treated the accrued benefit as crystallised under the operative rule and held that later retrospective withdrawal was arbitrary and unconstitutional to that extent. Financial difficulty of the bank, and the existence of statutory pension under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, did not justify defeating the retirees' independent entitlement under the bank scheme. Serving employees also could not resist continuation of the scheme on alleged double-burden grounds. The retirees' pension entitlement was affirmed. en-us Tue, 11 Jan 2022 00:00:00 +0530 Tue, 28 Nov 2023 06:09:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310950 A retrospective deletion of a bank pension rule could not extinguish pension rights that had already vested in employees who had opted into the scheme and were drawing pension. The Court treated the accrued benefit as crystallised under the operative rule and held that later retrospective withdrawal was arbitrary and unconstitutional to that extent. Financial difficulty of the bank, and the existence of statutory pension under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, did not justify defeating the retirees' independent entitlement under the bank scheme. Serving employees also could not resist continuation of the scheme on alleged double-burden grounds. The retirees' pension entitlement was affirmed. Case-Laws Indian Laws Tue, 11 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310950