Kathmandu. Employees Provident Fund and Siddhartha Bank Limited have signed an agreement to deposit the provident fund amount of the employees working in the bank to the Employees Provident Fund. According to the agreement, the deducted amount of the funds of all the employees working in the bank will be deposited in the Employees Provident Fund regularly from this financial year. In addition, the provident fund will also manage rs 1,58,30,18,217.20 transferred from the bank to the fund.
Siddhartha Bank currently employs 1,955 employees. Sagar Kumar Singh, Head of Provident Service Department of Employees Provident Fund and Suresh Raj Maharjan, Deputy General Manager of Siddhartha Bank signed the agreement on behalf of their respective organizations.
After the agreement, the employees of the bank will be able to use the facilities provided by the fund at par with other depositors of the Employees’ Provident Fund. Employees of the bank will be able to use special saapati, house swap, educational saapati, house repair sapati, land purchase sapati and saral saapati at concessional interest rate from the fund after completing the period and procedure as per the rules.
Similarly, the Fund has also been providing various social security facilities to the depositors from the fund’s own resources without any expenditure on the depositors. Accordingly, rs. 10,000 per year for the treatment of common diseases. Up to Rs. 1 lakh and Rs. 100,000 during the period of service for severe illness. Up to 10 lakh research admissions are provided. Rs. 10,000 as accident compensation. Up to Rs. 2 lakhs and Kajkiria grant of Rs. He gets Rs 40,000 from his heirs. The fund will provide a maximum of Rs. 20,000 per delivery under maternity and child care facilities. It has also been providing Rs 7,500.
So far, 591 banks and financial institutions have joined the Employees Provident Fund. The provident fund of 5,79,000 depositors of a total of 81,650 offices is being managed through the provident fund. In addition, the Fund has been managing the retirement fund based on the contributions of 95,773 contributors from 4,290 offices.
With the government amending the Finance Act, 2082, making it mandatory for retirement funds approved by the Department of Internal Revenue to join retirement funds such as employees provident fund, banks and financial institutions are increasingly joining the employees’ provident fund.
Issuing a notice on July 29, the Department of Internal Revenue had informed that section 23 of the Finance Act, 2082, mandated that the retirement funds approved by the Department of Internal Revenue should be compulsorily associated with the Employees Provident Fund by mid-July 2083 BS as per the Income Tax Act, 2058 BS.
