Kathmandu. Chairman of Nepal Stock Exchange (NEPSE), Hemanta Basyal, has said that the Nepal Stock Exchange (NEPSE) is ready to address the demands of the employees.
For a long time, NEPSE employees have been angry over the bonus they receive. On Tuesday, they raised the issue and locked Chairman Basyal and CEO Chudamani Chapagain in their office. It was only late at night that the employees unlocked the office. They have submitted their charter of demands to CEO Chapagain.
Chairman Basyal made it clear that NEPSE Board of Directors would never take any decision against the interest of employees. “But we all have to follow the rules and regulations,” he said.
According to Basyal, the bonus dispute has been going on for many years. “This is not today’s issue. Therefore, the NEPSE board has given the responsibility to the management to take a quick decision on this issue,” he said. ’
What is the legal provision regarding bonuses?
- 1 percent bonus will be distributed to the employees of the Government of Nepal if it is a wholly owned or monopoly organization of the Government.
- If the Government of Nepal does not have a monopoly and there is private investment in the organization, then 5 percent bonus will be distributed to the employees.
- 10 percent bonus will be distributed according to other organizations.
How will the bonus dispute be resolved?
The employees of NEPSE have been upset after the Ministry of Finance asked to distribute 1 percent bonus. They also fought a legal battle demanding a 5 percent bonus. Initially, the employees reached the labor office. The office decided in their favor. However, the decision was not implemented.
After that, the NEPSE employees went to the labor office for the second time. At that time, the office decided against them.
After the office decided against this, the employees of NEPSE went to the Labour Court. The Labor Court ruled in favor of the employees. However, NEPSE employees have not received or received bonus since 2078 BS due to the irregularities in the process. As per the provision, NEPSE has to take approval from the Ministry of Finance while distributing bonuses.
The Ministry of Finance had sent a letter to NEPSE to distribute only 1 percent bonus to its employees. However, the employees of NEPSE did not make the Finance Ministry the defendant and were involved in a legal battle.
At the same time, there is confusion whether NEPSE should take approval from the Ministry of Finance while distributing bonuses. After this, the board of directors of NEPSE had directed the management to take legal opinion to remove the legal entanglement. And when the management took the opinion of two legal experts, both of them suggested that the law should be interpreted and the Supreme Court should go to the Supreme Court.
Legal experts have suggested that the process of bonus distribution should be started only after the Supreme Court interprets the law. It is understood that Nepse’s management committee is preparing to file a writ petition at the Supreme Court to resolve the dispute regarding bonus.
Recently, the board of directors of NEPSE has also given authority to the management committee to go to the Supreme Court. Now, it is seen that the process of distributing bonus to the employees will proceed only after the Supreme Court interprets the law related to bonuses.
