Kathmandu. KATHMANDU: A memorandum of understanding (MoU) has been signed between Citizen Investment Trust (CIT) and Kathmandu University (KU) on managing and operating gratuity fund.

Vice-Chancellor of the University Prof. Dr. PADT Executive Director Parbat Kumar Karki and Prof Dr Rajiv Shrestha signed the agreement on behalf of the PADT in the presence of Achyut Prasad Wagle.

After the agreement, the fund will update the amount received by deducting the fund annually from the university in the accounts of the concerned teachers and employees. According to the Fund Act, the fund will provide additional facilities including depositing the interest and profit earned from the amount contributed to the fund in the account of teachers and employees.

The Fund shall also provide loan credits to the permanent teachers and employees of the University as per the rules of the Fund. Similarly, the fund will pay gratuity amount to the retired teachers and employees on the recommendation of the school.