Nepal | July 09, 2020

Citizen Investment Trust starts pension scheme, including for migrants

Himalayan News Service
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Kathmandu, March 17

The Citizen Investment Trust (CIT) has started a citizen pension scheme for all Nepalis from today. The scheme is aimed at Nepalis who are affiliated with any institution, profession or business and earn a regular income and contribute to the scheme.

Raman Nepal, executive director of CIT, on the occasion of the 30th anniversary of the trust, informed that they had started the scheme so as to increase the dimension of collecting savings. “This scheme can be availed by self-employed and migrant workers too.”

 

As per CIT, owners of small- and medium-sized enterprises can also participate in the pension scheme.

According to Nepal, any contributor who wishes to leave the scheme can do so and the concerned person will receive the entire amount they have deposited along with the applicable interest. He also informed that upon the death of the contributor, the spouse will receive the pension amount, or if the spouse wishes they can continue with the scheme by making the necessary contribution.

To participate in the scheme, a person will have to deposit a minimum of Rs 500 per month.

The scheme also has a facility whereby the contributor can avail 80 per cent of the amount deposited as loan.

In order to receive the pension, the contributor must be above 60 years old and will have to have contributed for at least 15 years.

“We are also committed to cooperating with the government, non-government organisations and national and international financial institutions to manage our investment portfolio in large size projects to support the country’s economic growth,” said Nepal.

On July 17 last year, the government had allowed formal sector employees to purchase contribution-based social security scheme from two additional state-owned enterprises in a shift from its previous decision that had made it mandatory for workers to rely exclusively on services offered by the Social Security Fund (SSF).

Since the launch of the SSF had created confusion among people, the government had amended the Social Security Scheme Operation Guideline.

The Ministry of Labour, Employment and Social Security, which operates the SSF, said employees have the option of acquiring services from Employees Provident Fund and CIT as well.


A version of this article appears in print on March 18, 2020 of The Himalayan Times.


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