Sambuddha Chakrabarti, J. - (1.) The petitioner was an employee of the State Bank of India (the Bank, for short). He retired on March 31, 1994 after putting in a service for 20 years 2 months 29 days.
(2.) The Employees' Pension Fund Rules of the State Bank of India which was originally promulgated in the year 1965 has been superseded by the State Bank of India Employees' Pension Fund Regulations, 2014 (the Regulations, for short). According to the petitioner the pension payable under Regulation 22 (2) and (3) shall be the amount calculated at the rate of one-sixtieth part of every year's pensionable service of the average monthly substantive salary drawn during the last 12 months' pensionable service provided that the maximum amount of pension shall not exceed 50% of the average monthly substantive salary drawn during the last 12 months or Rs. 2,400/- per month. It has been further provided that the maximum amount of pension shall be increased for the members who retired or retires on or after November 1, 1993 from Rs. 2,400/- per month to Rs. 4,200/- per month after adjustment of Dearness Allowance on the basic pay.
(3.) The petitioner retired with the average monthly salary for pension computation at Rs. 6,131/- and the amount of pension was fixed at Rs. 2,061/-. The Regulations have undergone further amendment in the year 2017. In terms of the amendment of Regulation 23(2), it has been clearly stated that the average monthly substantive salary where drawn during the last 12 months' pensionable service is upto Rs. 8,500/- per month, the member of the pension fund shall be entitled to 50% of the average of monthly substantive salary drawn during the last 12 months' pensionable service.;