The government from today started depositing pension funds of retired civil servants throughout the country in their bank accounts. The service was launched by chief secretary Leela Mani Paudyal amidst a function held in Kathmandu. On the occasion, Paudyal also handed over cheque books of state-owned Rastriya Banijya Bank and Nepal Bank Ltd to some of the retired government officials.
The government started depositing pension funds in bank accounts based on a directive issued on December 24. As per the directive, interest-generating bank accounts of 185,000 pension receivers would be opened. Pensions will be deposited in bank accounts within the first week of every Nepali month and pension receivers can collect funds by issuing cheques or through automated teller machines. However, income generated from other sources cannot be parked in such accounts.
“The facility will facilitate pension receivers collect funds without standing in queues at banks,” secretary at office of the prime minister and council of ministers Krishna Hari Banskota said. Currently, pension receivers have to collect their payments from banks based on permission extended by various pension management offices.
Currently, the government has started opening such accounts at Rastriya Banijya Bank and Nepal Bank Ltd. “But private banks can also start extending such service if they agree to initially use their own funds and later claim for refunds,” secretary Banskota said. “We will offer a service charge of one per cent to any bank willing to provide the service.”
As per the directive, pension receivers, however, will have to appear at banks at least once in six months and those who cannot appear themselves due to health-related problems can appoint a nominee for payment collection upon getting a medical report or a letter signed by the village development committee or municipality. And in case of death of pension receivers, family members can continue to receive payment after opening a separate account, Banskota said.
Currently, the government extends pensions to the spouse of deceased pension receiver until they are alive.
source: the himalayan times,12 Jan 2014
LINK
The government started depositing pension funds in bank accounts based on a directive issued on December 24. As per the directive, interest-generating bank accounts of 185,000 pension receivers would be opened. Pensions will be deposited in bank accounts within the first week of every Nepali month and pension receivers can collect funds by issuing cheques or through automated teller machines. However, income generated from other sources cannot be parked in such accounts.
“The facility will facilitate pension receivers collect funds without standing in queues at banks,” secretary at office of the prime minister and council of ministers Krishna Hari Banskota said. Currently, pension receivers have to collect their payments from banks based on permission extended by various pension management offices.
Currently, the government has started opening such accounts at Rastriya Banijya Bank and Nepal Bank Ltd. “But private banks can also start extending such service if they agree to initially use their own funds and later claim for refunds,” secretary Banskota said. “We will offer a service charge of one per cent to any bank willing to provide the service.”
As per the directive, pension receivers, however, will have to appear at banks at least once in six months and those who cannot appear themselves due to health-related problems can appoint a nominee for payment collection upon getting a medical report or a letter signed by the village development committee or municipality. And in case of death of pension receivers, family members can continue to receive payment after opening a separate account, Banskota said.
Currently, the government extends pensions to the spouse of deceased pension receiver until they are alive.
source: the himalayan times,12 Jan 2014
LINK
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