Kathmandu. The Ministry of Finance has issued the Retirement Payment Management Procedure 2082 BS. The Ministry has formulated the procedure using the powers conferred by Sub-section (2) of Section 65 of the Economic Procedure and Financial Responsibility Act, 2076 TO make the retirement payment system simple, easy and transparent.

The procedure has clear provisions regarding the establishment of retirement account, account activation, renewal process, payment of money and recovery of irregularities. According to the procedure, the retiree can open a pension payment account in the desired bank on the basis of the letter issued by the library.

For this, the Retirement Management Office or the Office of the Controller of Funds and Accounts will have to write to the bank in the format of Schedule-1. The bank will have to open an account with zero balance on the basis of national identity card and necessary documents.

In the case of children, disabled, helpless, persons above the age of 90 years and Indian retirees, the national identity card will not be mandatory. When opening an account for a family retiree, the pensioner will have to send a letter to close the old account. No transactions other than withdrawing money from such accounts will be allowed.