V. Kannappan vs Additional Secy & ...

The Supreme Court held that the Early Retirement Option 2003 (ERO 2003) issued by ICICI Bank qualifies as a voluntary retirement scheme under Regulation 2(ze) of the Bank of Madura Employees' Pension Regulation, 1995. The Court determined that employees who opted for ERO 2003 are entitled to pension benefits as per Regulation 35, provided they meet the requisite conditions, including completion of twenty years of service. The Court ruled in favor of the appellants, affirming their entitlement to pension benefits under the 1995 Regulations.