Kathmandu. KATHMANDU: The government has prepared a draft of the “Employees Provident Fund (Tenth Amendment) Act, 2082” aiming to make timely revision of the Employees Provident Fund Act, 2019. The Ministry of Finance has sought suggestions and suggestions from stakeholders on the draft of the proposed bill as per the provisions of the Legislation Act, 2081. <\/p>\n
1. Expanding the scope of investment <\/p>\n
The main objective of the amendment is to expand the scope of the fund’s investment to modern financial instruments. According to the new provision, the Fund can now invest in securities and units of private equity and venture capital funds. Companies working in energy, agriculture, tourism and big infrastructure sectors can invest in the shares of the government or government agencies. The Fund may operate mutual funds on its own initiative or in association with other institutions. <\/p>\n
2. Concession in housing and loans for employees <\/p>\n
Implementing the policy of the budget statement, the bill proposes new provisions for the welfare of the employees. The fund will invest in housing projects and provide them at concessional interest rates and installments to the home-based workers developed from such projects. It has been proposed to remove the old restrictive provision that prohibits the loan from being taken again until the completion of two years of the loan. This will make it easier for the employees to mobilize the funds as per the need. <\/p>\n
If the principal and interest of the loan are not paid, the fund can auction the collateral by giving 35 days’ notice and if no one refuses, the fund itself can accept the property. <\/p>\n
3. Employees of the state and local level will be included <\/p>\n
The amended Act broadens the definition of “employee” to include employees at the state and local levels. Now, employees of constitutional bodies, army, police, teachers and institutions, as well as permanent employees at the state and local levels will also come under the definition of the fund. <\/p>\n
4. Management of Pension and Gratuity Fund <\/p>\n
The EPF will now have legal rights to operate and manage the retirement benefits including contributory and non-contribution pension and gratuity of the employees of the Government of Nepal, provincial and local levels. <\/p>\n
5. Good Governance and Administrative Reforms <\/p>\n
Tenure and Dismissal of the Administrator: The term of office of the Administrator of the Fund shall be five years. If the performance is not satisfactory or if the work is against the interest of the fund, the government can remove him from the post by giving him an opportunity to clean up. <\/p>\n
The Ministry of Finance has made available the draft on the ministry’s website. Interested individuals and organizations can send their suggestions to the Ministry’s Financial Sector Management and Corporate Coordination Division through email fsmd@mof.gov.np within 15 days of the publication of this notice.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. KATHMANDU: The government has prepared a draft of the “Employees Provident Fund (Tenth Amendment) Act, 2082” aiming to make timely revision of the Employees Provident Fund Act, 2019. The Ministry of Finance has sought suggestions and suggestions from stakeholders on the draft of the proposed bill as per the provisions of the Legislation Act, […]<\/p>\n","protected":false},"author":5,"featured_media":267845,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45159],"tags":[],"class_list":["post-294171","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/294171","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=294171"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/294171\/revisions"}],"predecessor-version":[{"id":294172,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/294171\/revisions\/294172"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/267845"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=294171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=294171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=294171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}