A bank has been ordered to pay its former employees more than Sh50 million as terminal dues.
The amount is the final tranche of money payable to the 134 employees under the National Bank of Kenya (NBK) Staff Retirement Benefits Scheme.
The former employees, who were contributors to the staff pension scheme, were not paid in accordance with the Trust Deed and Rules of December 10, 1985 and the amended Rules of January 4, 1990.
NBK, which had paid the former employees Sh47,972,495, has been directed to pay them the difference of Sh50,413,399. The Retirement Benefits Authority, which adjudicated the dispute between the workers and the bank's pension scheme, ruled that they were underpaid. The former bankers were represented by lawyer Titus Kocey.
Tribunal members Kakai Cheloti (chairman), Veronicah Owende, Simon Barmasai and Job Momanyi ruled that the former employees were entitled to proper remuneration upon exiting the bank's employment in accordance with the pension scheme rules.
The amount was calculated by an independent South African Acturial Firm. NBK was directed to pay the individual claimants the difference.
