Kathmandu: In the first two months of the current financial year, the number of people leaving for foreign employment has exceeded 1 lakh.
According to the report on micro economy of Nepal by the Nepal Rastra Bank, by the end of Bhadra, the number of final work permit for foreign employment has reached 1,03,898.
In the same way, the number of work permits renewals has increased by 70.6 percent in first two months. By the end of Bhadra, 39,189 work permit renewal has been issued. In the same period of last year, the number of work permit renewal increased by 429.5 percent.
The Department of Foreign Employment has made it mandatory for Foreign Employment Insurance (FEI) to receive any final work permit for foreign employment.
The FEI covers a risk upto Rs. 20 lakh. In case of death of the worker during the insurance term, Rs. 10 lakh will be paid. If the death is not due to a fatal disease, but the condition is physically considered to be death, up to Rs. 13 lakhs will be paid. Rs. 5 lakhs is paid in case of fatal disease. Company will pay up to Rs. 2 lakhs for loss of insured’s income, Rs. 1 lakhs for travel expenses, Rs. 1 lakhs for medical treatment expenses, Rs.1 lakhs for coffin carriage to home.
During the review period, the remittance inflow increased by 19.8 percent and reached Rs. 187 billion 40 million. In the same period of the previous fiscal year 2078-79, the remittance inflow had decreased by 5.8 percent. Remittance inflows in US dollars increased by 11.3 percent and reached 1.47 billion USD. Last year, such flow had decreased by 5.3 percent.