There are criticisms regarding the line of arguments (such as emphasis on Reg 35/1 and availability of pension funds), by petitioners advocates in CA7993.2023. Legally this may be correct.
But is there any other option for petitioners when UFBU succeeded in not insisting on amending pension regulations to provide for updation for the last 25 years,and leaders themselves are shouting there are no funds for updation?
In an earlier High court proceedings Banks argued there is no provision for updation and agreements dated 1993 and 1994 are only preliminary discussions and did not yield any fruitful results regarding periodical revision of pension. RBI also has not updated pension for its retirees.
Due to this Hon. Judge said petitioners should have negotiated the issue with management instead of coming to us for relief.
But the reality is petitioners are not authorised to negotiate the issue and UFBU is not willing to discuss and resolve the issue. Uber these circumstances petitioners of M C Singla case in SC could not have repeated the same arguments and had to adopt suitable strategy to achieve the goal.
Karnataka High Court in earlier judgment said petitioners could have demanded application of Reg 35/1 to all pensioners. So petitioners are trying hard to prove that Reg35/1 is indeed applicable to all pensioners quoting the 2003 amendment. In the absence of authentic cost data of updation petitioners have no other option but to insist that existing pension funds are sufficient to provide for updation.
Their main focus is to prove the disparity in pension within the Banking Industry and also compared to RBI formula. It depends on how petitioners advocates succeeds in proving disparity.
Petitioners deliberately avoiding mentioning minutes dated 08.03.2024 which indicates there is no provision for updation in pension regulations.
There is a valid point in the argument that retirees opted for pension in June 1994 believing that there is provision for updation and our pension is based on RBI pension structure as per agreements dated 1993 and 1994. Mangemnts could not have unilaterally omitted these clauses after getting option for pension,
In courts you gave to adopt a strategy. We have been observing many senior advocates of SC though law is not on their side, are fighting acts/legislations passed by parliament are adopting their own strategy and getting some concessions.
If Hon. judges are convinced that there is disparity in pension we may get some relief.
Otherwise the issue is wide open for IBA/UFBU for negotiation.