Sanima, NMB and Siddhartha Bank Employees Receive Two Months’ Salary as Advance Bonus

Employees of Sanima Bank, NMB Bank, and Siddhartha Bank have received advance bonuses equivalent to two months’ salary from the profits earned in the last fiscal year.

Following the end of the fiscal year, banks and financial institutions have begun distributing advance bonuses to employees from their profits. As part of this process, the three commercial banks distributed bonuses equivalent to two months’ salary to their employees during the first week of Shrawan.

Bank sources said employees could receive additional bonuses based on the banks’ final profits. However, the banks have distributed only a portion of the total bonus at this stage, with the remaining amount expected to be paid after Nepal Rastra Bank approves their financial statements for presentation at the Annual General Meeting (AGM).

Meanwhile, employees of Jyoti Bikash Bank have received an advance bonus equivalent to three months’ salary from the profit earned in the last fiscal year.

The bank also distributed the advance bonus during the first week of Shrawan. Although employees may be eligible for additional bonuses based on the bank’s profitability, the bank has distributed only a portion of the total bonus for now. The remaining amount is expected to be distributed after approval of the financial statements by Nepal Rastra Bank for the AGM.

The Bonus Act requires every profit-making establishment to allocate a portion of its net profit for employee bonuses. Section 5 of the Act states that every profit-making establishment must set aside an amount equivalent to 10% of its net profit earned during a fiscal year for employee bonuses.

Accordingly, banks generally distribute a portion of employee bonuses shortly after the end of the fiscal year, while the remaining amount is paid around the time of the AGM.