Must a resigned former employee joining the Pension Scheme under Clause 37 of the 12th Bipartite Settlement refund the Bank's contribution to Provident Fund and execute an undertaking?

Paragraph 11A reading of the amendment would also show that it was made in consonance with the Bipartite Settlement. Therefore, there is no impediment for the appellant to join the Pension Scheme. However, conditions (b) and (c) under Clause 37 (1) of the 12th Bipartite Settlement dated 08.03.2024 are to be complied with by the appellant. Accordingly, he must agree to refund to the bank the entire bank’s contribution to Provident Fund (along with accumulated interest thereon) received by him at the time of his resignation or later from the bank and he must execute an undertaking as per the draft provided by the Bank. On complying with those two conditions, the Bank is bound to permit the appellant to join the Pension Scheme of the year 1995 and all benefits contemplated under the Pension Scheme is to be extended to the appellant along with consequential monetary benefits. The respondent bank is directed to permit the appellant to join the Pension Scheme of the year 1995 ie., Indian Bank Employees Pension Regulations 1995 and grant all the pension benefits admissible under the said Regulations by following the procedures as contemplated under the Regulations. The said exercise is directed to be completed within a period of three months from the date of receipt of a copy of this order.