Kathmandu: The female employees of insurance companies may soon be benefited from the Child Day Care Center(CDCC) at their workplace. The fresh amendments in the guidelines for the expenditure in corporate social responsibilities(CSR) allow insurers to run a ‘CDCC’ for the welfare of their female employees.
According to the fourth amendment in the Insurers’ Guidelines on Corporate Governance 2079, the Authority has allowed the inclusion of the expenditure made for CDCC can be counted in CSR.
According to the Guidelines, an insurer must spend at least 1 percent of its net profit on CSR activities.
The Guidelines have paved way for the insurers to spend CSR funds on social projects, education, health, natural disaster management, income generation capacity enhancement of socially backward classes, insurance literacy, policyholders’ welfare programs, and insurance-related programs for marginalized groups etc. Similarly, as a direct grant expenditure, the expenditure incurred on education and health insurance for marginalized groups can also be included in the CSR expenditure.
The fresh amendment has restricted the insurers to pour CSR funds into any particular geographical area. The expenses incurred in promoting the company’s brand can not be covered by CSR funds.