Citizen Investment Trust and Nabil Bank Sign Agreement for Employee Retirement Fund Management

Citizen Investment Trust (CIT) and Nabil Bank Limited have signed an agreement to manage the bank’s employee retirement funds. The agreement was signed by CIT Director Chhabi Raman Adhikari and Nabil Bank HR Head Diwas Karki.

Under the agreement, CIT will manage contributory and non-contributory gratuity funds as well as additional retirement funds. Employees will regularly contribute to the fund through monthly or annual deductions, and CIT will maintain individual accounts and records for each employee. Upon retirement, CIT will process payments based on the bank’s recommendation.

Employees will also receive returns, interest, and other benefits as per applicable laws and regulations. The agreement also requires the bank to provide employee details, ensure regular fund deposits, and recommend retired staff for payment processing.

Additionally, existing retirement fund balances under previous schemes will be transferred to CIT as per the Income Tax Act, ensuring a centralized and regulated pension fund management system for Nabil Bank employees.