Kathmandu. Nepal Life Insurance Company (NLIC) has extended the deadline for voluntary employee retirement scheme for five more days till Sunday.
For the first time, applications were invited till Tuesday, but the deadline has been extended after the expected application was not received. The company had called upon the company to submit applications in the prescribed format by August 15 under the scheme implemented on Wednesday.
According to the sources concerned, more than 100 people have been announced with the expectation of bidding farewell through an attractive retirement scheme, but the expected number of applications have not been received.
It is estimated that around 50 people will apply for retirement this time too, including the number of applications received and the employees who intend to choose retirement.
The company has announced a voluntary retirement scheme for employees who have completed at least four years of service and two years of service remaining. Under this scheme, the participating employees will be able to get compensation for at least 15 months’ monthly basic salary (including grade). A maximum of 38 months of basic salary (including grade) allowance has been proposed.
Nepal Life Insurance has implemented employee retirement scheme for the second time. Earlier, in 2079 BS, the government had announced a retirement scheme targeting junior employees with educational qualifications up to class 12. Even at that time, only a limited number of applications were received. This time, a retirement plan has been announced with the goal of retiring drivers to senior assistant general managers.
Meanwhile, 28 employees of Himalayan Life Insurance have participated in the voluntary retirement scheme.
According to life insurers, not all applications received from employees under the retirement scheme are approved due to the tendency of employees who want to retire from service through retirement scheme and employees considered important for the organization to opt for retirement.
Under the voluntary retirement scheme, the company has the right to approve the applications for retirement so that skilled manpower does not leave.
