Kathmandu. The Employees Provident Fund (EPF) has distributed a profit of Rs 5.30 billion to its depositors and contributors from the total profit earned in the last fiscal year 2081/82. According to the report, about Rs 5.19 billion will be deposited in the accounts of the depositors of the fund and about Rs 5.19 billion will be deposited in the accounts of the contributory contributors of the contribution-based pension fund. A profit of Rs 10.55 crore has been deposited.
A meeting of the Board of Directors of the Employees Provident Fund (EPF) held on March 10 approved the financial statement of the fund for the fiscal year 2081/82 and increased the initial amount in the personal accounts of the depositors and contributors to Rs 1.50 crore. The profit has been deposited in the accounts of the depositors and contributors as per the decision to distribute the amount at the rate of 00 percent as profit.
The Fund deposits about 90 percent of the total profit earned in each fiscal year as profit for the depositors in the personal account of the depositors and keeps the remaining amount in various welfare and reserve funds. The money in such funds is spent in the interest of the depositors as per the need.
The fund has provided 4.25 percent interest rate to the depositors and contributors in the current fiscal year while the depositors can get special credit up to 95 percent of the accumulated amount at 5.75 percent interest on the security of the reserves. In this context, the interest rate of 4.25 percent received by the depositors and contributors from the fund will be 5.25 percent plus the profit of 1.00 percent, and the interest rate of special loans is only 5.75 percent, so the interest to be paid by the depositors and contributors is only 0.50 percent more than the return.
The Fund has been providing special loans, home loans, educational loans, home repair loans, simple loans and land purchase loans to meet the service needs of the depositors and contributors since the past.
In addition, the Fund has been providing health treatment reimbursement facilities to the depositor couple from its own resources, as well as social benefits such as funeral grant, maternity and child care facility, accident compensation grant, etc.
Under this, in the fiscal year 2081/82, 19,111 people were provided maternity and child care facilities to 19,111 depositors, 605 people received about Rs 24.2 million, 170 people received Rs 33.9 million as accident compensation and Rs 5,355 were provided health treatment reimbursement. A total of Rs 17.33 million has been provided to 172 depositors from the civil service as special financial facility.
Currently, there are 578,000 depositors in the Employees Provident Fund while 96,000 are the contributors to the pension fund.
