NBP Retirees to Get Govt Raises After Court Rejects Bank Appeal
The Federal Constitutional Court of Pakistan has dismissed National Bank of Pakistan’s appeal in a long running pension dispute, entitling … Read More The post NBP Retirees to Get Govt Raises After Court Rejects Bank Appeal appeared first on ProPakistani .
Pakistan's Federal Constitutional Court has rejected a bank's appeal in a long-standing pension dispute, granting government-approved pension raises to National Bank of Pakistan (NBP) retirees. The court's reserved judgment, announced on September 16 in Civil Appeal No. 1688/2021, extends the pension increases to all eligible retirees, not just those who were part of the original litigation.
NBP had previously set aside a one-time charge of Rs. 57.5 billion in 2024 to address past service pension costs, bringing total pension fund expenses to Rs. 72.6 billion in 2024, up from Rs. 4.4 billion in 2023. The company anticipates an additional provision related to the court's decision, although the exact amount remains uncertain.
The increase in pension benefits, coupled with rising payments, has pushed NBP's net payable pension liability to Rs. 75.6 billion in 2024, up from Rs. 22.9 billion in 2023.
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