Kathmandu. Everest Bank and Citizen Investment Trust (CIT) have signed a Memorandum of Understanding (MoU) for managing and operating the retirement fund of the bank’s employees.

The agreement was signed by PADT Director Nabaraj Khadka and Chief Financial Officer of the Bank Rajan Kayastha.

As per the agreement, the bank will manage and implement the gratuity fund and additional retirement fund based on the contribution or non-contribution of the employees working in permanent, temporary and contractual service.

The fund will prepare a personal account of the participating employees, provide identity cards, update the account as per the amount and details received from the bank and pay the retirement amount to the retired employees on the recommendation of the bank.

In addition, the employees will receive interest, returns and other additional facilities earned from the amount contributed to the fund as per the rules of the fund.

According to the agreement, the existing amount of employees in the retirement fund approved as per the Income Tax Act, 2058 BS and the existing loans will be transferred to the fund and adjusted.