Kathmandu. KATHMANDU: A memorandum of understanding (MoU) has been signed between the Citizen Investment Trust (CIT) and Rainas Municipality of Lamjung to implement the Citizen Pension Scheme. Acting Executive Director of PADT Shova Shrestha Subedi and Mayor of the municipality Khadga Bahadur Gurung signed the agreement to this effect.
As per the agreement, the municipality will enroll its contractual employees in the citizen pension scheme. For this, two thousand five hundred rupees will be deposited by the municipality and an equal amount from the employees and five thousand rupees per month will be deposited in the fund.
In addition, the employees participating in the fund can get pension facility in lump sum or after completing 60 years of age as per the rules of the fund. Once the pension is started, in case of death or disappearance of the participant, the husband or wife will receive the benefits as per the rules and in case of death of both the participants, the remaining amount will be provided to the legal heir.
The municipality will have to update the details of the employees participating in the scheme, KYC and personal account records and provide it to the fund. If the employee’s employment is terminated or the municipality stops collecting contributions, the concerned person can operate his account or withdraw the remaining amount.
