Citizens Investment Trust and Rainas Municipality Sign Agreement to Implement Pension Scheme

Summary: An agreement has been established between the Citizens Investment Trust and Rainas Municipality to include contract employees in the citizen pension scheme. Each employee will contribute NPR 5,000 monthly to the fund, with the municipality and employee each contributing NPR 2,500 per month. Participating employees will receive pension benefits upon reaching the age of 60, and provisions have also been made to offer benefits to legal heirs. July 27, Kathmandu.

The Citizens Investment Trust and Rainas Municipality of Lamjung have signed a memorandum of understanding to operate the citizen pension scheme. On Monday, the Trust’s legal executive director Shobha Shrestha Subedi and Municipality Chief Khadga Bahadur Gurung signed the agreement. According to the contract, the municipality will enroll its contract employees in the citizen pension scheme. For this, the municipality will contribute NPR 2,500 and employees will contribute the same amount, making a monthly total of NPR 5,000 per employee to the fund.

Participating employees are entitled to receive either a lump sum amount or pension benefits upon reaching the age of 60, in accordance with the fund’s regulations. In the event of the participant’s death or disappearance after pension commencement, the spouse will receive benefits, and if both spouses are deceased, the remaining balance in the account will be provided to the legal heirs as per the regulations. Details of participating employees, KYC, and personal account records will be updated by the municipality and provided to the Trust. If an employee’s employment ends or the municipality ceases its contributions, the individual may continue managing their account or withdraw the remaining balance.