Every year, December 17 is observed as pensioners day in India since 1983. British government brought the pension system in the country in 1857 similar to that prevailing in Britain. A pension fund is a retirement plan where a sum of money is collected during an employee's employment years. The money is paid to the employee in the form of periodic payments after his/her retirement.

The Pension system was finalised by the Indian Pension Act (IPA) of 1871. However, Governors and Viceroy were authorised for granting pension. It was on December 17, 1982, late Justice Y.V. Chandrachud, then chief justice of India, delivered the landmark judgement in the Nakara case on pension.

"Pension is neither a bounty, nor a matter of grace depending on the sweet will of the employer, nor an ex-gratia payment. It is a payment for the past services rendered. It is a social welfare measure rendering socio-economic justice to those who in the heyday of their life ceaselessly toiled for the employer on an assurance that in their old age they would not be left in the lurch," the then CJI had said.

The pensioners, who have spent their best part of their life in service of the country, should not be viewed as a spent force. In appreciation of their past services, we should also take part in Pensioners day celebration with them.

(The above story first appeared on LatestLY on Dec 17, 2020 07:30 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).