Lady Justice Maureen Onyango. FILE PHOTO | NMG The High Court has ordered the National Bank of Kenya (NBK) to pay its former 134 employees over Sh136 million in terminal dues.
The court established that the bank had under-calculated their pensions when they left employment.
Lady Justice Maureen Onyango directed NBK, which has since merged with Kenya Commercial Bank (KCB), to pay costs.
The bank’s pension scheme had challenged a judgement by the Retirement Benefits Authority (RBA) that the former employees be paid the difference of the amounts they had received when they were separated with the bank.
The scheme had filed a judicial review at the High Court seeking to quash the judgement.
The RBA had determined the case in 2012 then ordered the bank the bank to pay the former workers interest at court rate which is 12 per cent.
In the review the bank had claimed RBA had acted in excess of its legal mandate.