There will be one Pension Fund in Nepal for providing pension to the retired staff of Government of Nepal.
The Pension Fund will be established for the purpose of Pension providing to the retired staff. The Fund Central Office will be in Kathmandu valley, Nepal. It will establish its branches to the respective Province if needed and will appoint the representative to the Province level offices. All the Province level offices will work under the Central office.
The Pension Fund will be autonomous. It will have its own decision over the fund. It can mobilize the fund and can earn profit for it.
Deposit of Money in Fund:
The 6% of the monthly salary of employee and additional 100% of 6% of the monthly salary added by the Nepal Government.
Money should be deposited to the Grade "A" bank of Nepal.
Money Received from Nepal Government.
Interest, Dividend & Profit getting from mobilizing the fund.
Who are involved in Pension Fund Act -2075
Nijamati Sewa
Nepal Army
Nepal Police
Armed Police Force
Investigation Department
Teachers Service Commission
How does the fund work?
For every employee there will be each Pension Fund Account.
The amount received from the salary of employee, added money, the interest received from it is deposited in the Account
The employee has the right to see the statement of his/her account.
Pension :
The employee will get pension after completing 20 years of service.
The pension is calculated as = (Total Service year * Salary of last month)
50
The pension will be increased by 10% by completing 3 years.
Pension for Other Governmental Organizations :
The Pension for Nepal Rastra Bank is Managed or Provided by the Nepal Rastra Bank.
The Pension is calculated as = (Total Service year * Salary of last month)
40
For Other Governmental Organizations nowadays Pension is Changed to GRATUITY (Upadan).
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