The State Human Rights Commission (SHRC) has ordered the Kerala State Cooperative Employees Pension Board to provide compounded interest for the amount deducted towards pension from a former employee.
The case pertained to a complaint filed by Saseendran of Nangiarkulangara who had retired from the Alappuzha District Cooperative Bank on October 31, 2012. He said that he had deposited 12 per cent of his salary every month towards the contributory pension scheme that had existed earlier. However, with the bank being left out from the ambit of the Provident Fund Act in 2009, the amount which was deposited towards the fund by the bank was transferred to the pension board.
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