Few facts about Employment Provident Fund

Employment Provident Fund has entered into its 54th year of establishment. On this very occasion the company comes up with promises of higher customer satisfaction and better services. The government office has been able to expand it depositors’ number to 5 lakh till date. The Central office of the company is located at Pulchowk Lalitpur. It Operation office is located at Thamel.The company’s branches are located at Dhankuta, Biratnagar , Hetauda  , Pokhara , Butwal , Kohalpur, Surkhet and Dhangadhi. Its service centre is at Singha Durbar, Kathmandu and at Central office, Pulchowk Lalitpur. Employment Provident Fund is yet to publish its unaudited report of the fourth quarter of the last fiscal year 2071/72. However, at present it has provident fund of Rs 1 8969.83 crore, reserve fund of Rs 399.33 crore and other liabilities at Rs 221.20 crore. In terms of investment the company has invested in multiple arenas.  Rs 3,687.00 crore of the company has been invested under the title ‘Savings Deposited in Commercial banks’, Rs 2,557.13 crore in Project Loan, Rs 1522.64 crore in Government Bond and Debentures. Similarly, under the title ‘Loan to Depositors’ Rs 10,674.75 crore has been invested, Rs 222.05 crore in share investment and Rs 109.00 crore and Rs 817.79 crore  have been invested in Building and Fixed Asset and Others respectively. Employment provident Fund has offered following services to its depositors: A.    6.75% interest ( applicable from Shrawan 1, 2072) B.    0.85% profit (at the beginning of account holding of depositor) C.    Employment Provident Fund has provided Loan services such as special loan, Home Loan, Education Loan, and Depositor Easy Loan D.    Social Security Services 1.    Compensation plan: Compensation of cash up to Rs 1 Lakh in case of demise of the depositor during the service tenure. 2.    Funeral Grant Plan: Rs 25 thousand in case of death of the depositor during service tenure 3.    Medical Assistance program of Depositor, 2070: Rs 15 thousand for normal medical treatment and Rs 35 thousand financial assistance for severe health treatment. Other Facilities included is issuing shares to the depositors from the companies where the EPF has invested. EPF commitment 1.    To contribute in the economic development of the nation through mobilization of the Fund’s financial sources. 2.    To provide satisfaction to depositors through effective source management and mutual cooperation, quality services through modern communicating tools. 3.    To contribute and expand access EPF through social security programs. 4.    To establish the fund as the best secure social organization through expert staffs’ cooperation and joint effort.