Wednesday, Nov 12, 2003
Wednesday, Nov 12, 2003 |
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By Our Legal Correspondent
The scheme envisages diverting a major part of the employers' Provident Fund contribution to a central fund for payment of pension to employees after superannuation. A Bench, comprising Justice S. Rajendra Babu and Justice K.G. Balakrishnan, dismissed a batch of over 80 petitions filed by various employees unions challenging the scheme on the ground that it was arbitrarily withholding money due to the employees after retirement on the pretext of paying pension. The Bench said the Government could go ahead with implementation of the scheme but the cases of those establishments, which claimed exemption on the ground that they had better pension schemes for their employees, would be examined later. Since various petitions challenging the validity of the scheme had been filed in several High Courts, they were transferred to the Supreme Court. The employees argued that under the scheme, though their contribution to the provident fund was not touched, a major portion of the employers' contribution was diverted to the Pensions Fund. It was provided that of the total contribution of the employer, an amount equivalent to 8.33 per cent of the Basic and Dearness Allowance of the employee would be transferred every month to the central fund for the payment of pension.
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