- Type
- Act
- Year
- २०१९ BS
- Status
- In force
- Category
- खण्ड ७: मुद्रा, बैङ्किङ्ग, बीमा, वित्तीय संस्था तथा धितोपत्र · Volume 7: Currency, Banking, Insurance, Financial Institutions and Securities
- Official text
- Official page Official text (PDF)
- English translation
- Official English translation archived copy: the original page is no longer online
Includes amendments up to: 2073 BS. Translations may not include later amendments. The Nepali text is the authoritative law.
Analysis drawn from official reports, court rulings and published research, each cited. Figures are being double-checked against the source documents; corrections are welcome.
What does it do?
- The Act sets up the Employees Provident Fund as an autonomous body with perpetual succession, headquartered in the Kathmandu Valley. It is run by a board of at least seven directors: a chair appointed by the Government, three Government nominees from different public services, two nominees from banks, financial institutions and other organisations, and the Fund's Administrator, a senior civil servant appointed by the Government. The Government may give the Fund policy directives after consulting the board.यो ऐनले काठमाडौं उपत्यकामा प्रधान कार्यालय रहने गरी कर्मचारी सञ्चय कोषलाई अविच्छिन्न उत्तराधिकारवाला स्वशासित संस्थाका रूपमा स्थापना गर्छ। कोष कम्तीमा सातजना सञ्चालक रहने समितिले चलाउँछ: नेपाल सरकारले नियुक्त गर्ने अध्यक्ष, विभिन्न सरकारी सेवाबाट सरकारले मनोनीत गर्ने तीनजना, बैङ्क, वित्तीय संस्था र अन्य संस्थाबाट मनोनीत दुईजना, र सरकारले नियुक्त गर्ने वरिष्ठ सरकारी कर्मचारी प्रशासक। समितिको राय लिएर सरकारले कोषलाई नीतिगत निर्देशन दिन सक्छ। Nepal Law Commission Sections 3–4, 6A–7, pp. 5–8
- Offices covered by the Act must deduct at least 10 percent of each employee's monthly salary, add the employer's contribution at the prescribed rate, and deposit both with the Fund; the deduction is compulsory and needs no consent. Contributions continue at half rate during half-pay leave and are made up if a suspended employee is cleared.ऐन लागू हुने कार्यालयले प्रत्येक कर्मचारीको मासिक तलबबाट कम्तीमा १० प्रतिशत कट्टा गरी तोकिएबमोजिम रोजगारदाताको थप रकमसहित कोषमा जम्मा गर्नुपर्छ; यो कट्टी अनिवार्य हो र कर्मचारीको सहमति चाहिँदैन। आधा तलबी बिदामा आधा दरमा कट्टी हुन्छ, र निलम्बित कर्मचारी सफाइ पाएमा निलम्बन अवधिको रकम पनि जम्मा गरिन्छ। Nepal Law Commission Section 12, pp. 10–11
- Contributors who have saved for at least five years may withdraw up to 60 percent of their balance while in service (not again within two years), may take loans such as housing loans against their savings, and may repay withdrawals. The Fund pays interest at a rate it sets based on its investment income; if income cannot cover 3 percent a year, the shortfall is charged to the Government's Consolidated Fund. Profits after reserves are shared among contributors, and the full balance is paid out when service ends; balances not claimed within six years go to a separate account that earns no interest.कम्तीमा पाँच वर्ष रकम जम्मा भएका सञ्चयकर्ताले सेवामा छँदै आफ्नो रकमको ६० प्रतिशतसम्म झिक्न सक्छन् (दुई वर्षभित्र फेरि झिक्न पाइँदैन), घर सापटीजस्ता सापटी लिन र झिकेको रकम फिर्ता जम्मा गर्न सक्छन्। कोषले आफ्नो लगानीको आम्दानीका आधारमा ब्याजदर तोक्छ; वार्षिक ३ प्रतिशत ब्याज दिन नपुगेमा नपुग रकम सरकारको सञ्चित कोषबाट व्यहोरिन्छ। जगेडा छुट्याएपछिको मुनाफा सञ्चयकर्तामा बाँडिन्छ र सेवा छाडेपछि पूरै रकम फिर्ता पाइन्छ; छ वर्षसम्म नलिइएको रकम ब्याज नलाग्ने छुट्टै खातामा राखिन्छ। Nepal Law Commission Sections 14–15A, pp. 13–15
- The Fund may invest in government securities, fixed deposits, bank-guaranteed lending, shares and debentures (generally up to 25 percent of a company's issued capital or debentures), large infrastructure, mutual funds and secured loans; an investment promotion committee advises on investment policy. Certain transactions, such as unsecured lending and loans to directors, are prohibited, and misusing Fund money is an offence.कोषले सरकारी ऋणपत्र, मुद्दती निक्षेप, बैङ्क जमानतमा कर्जा, सेयर तथा डिबेन्चर (सामान्यतया कम्पनीको जारी पुँजी वा डिबेन्चरको २५ प्रतिशतसम्म), ठूला पूर्वाधार, सामूहिक लगानी कोष र धितो लिएर दिइने कर्जामा लगानी गर्न सक्छ; लगानी प्रवर्धन समितिले लगानी नीतिबारे सुझाव दिन्छ। धितोबिनाको कर्जा र सञ्चालकलाई सापटीजस्ता केही काम निषेधित छन्, र कोषको रकम दुरुपयोग गर्नु कसूर हो। Nepal Law Commission Sections 19–20, 29, pp. 18–26
Gaps, loopholes and improvement ideas
- Not enforced Under Section 15A(3)(a), balances not claimed within six years move to a separate account and stop earning interest. The Auditor General found 88,010 such dormant accounts holding Rs 3.37 billion at the end of FY 2081/82 and asked the Fund to identify the owners and reduce these balances.दफा १५क(३)(क) बमोजिम छ वर्षसम्म नलिइएको रकम छुट्टै खातामा राखिन्छ र त्यसमा ब्याज दिइँदैन। आर्थिक वर्ष २०८१/८२ को अन्त्यमा यस्ता ८८,०१० बेचालु खातामा रु. ३ अर्ब ३७ करोड रहेको भन्दै महालेखापरीक्षकले खाताधनी पहिचान गरी यस्तो रकम घटाउन ध्यान दिनुपर्ने औँल्याएको छ। Office of the Auditor General, Nepal · Nepal Law Commission OAG 63rd report, EPF para 8, PDF p. 935 (printed p. 885); Act Section 15A, pp. 14–15
- Capacity The Auditor General reported Rs 932.1 million sitting in 18,835 temporary contributor accounts, created when deposits arrive with incomplete or wrong details. Contributors usually do not know about these accounts, and the issue raised in the previous year's report was unchanged.विवरण अपूर्ण वा फरक भएर आएको रकम राख्न खोलिएका १८,८३५ अस्थायी सञ्चयकर्ता खातामा रु. ९३ करोड २१ लाख रहेको महालेखापरीक्षकले जनाएको छ। सञ्चयकर्तालाई सामान्यतया यस्ता खाताबारे जानकारी हुँदैन, र अघिल्लो वर्षको प्रतिवेदनमा उल्लेख भए पनि अवस्था यथावत् छ। Office of the Auditor General, Nepal OAG 63rd report, EPF para 7, PDF p. 935 (printed p. 885)
- Capacity Some large loans are in difficulty. Nepal Airlines Corporation, lent Rs 10 billion and Rs 12 billion under a government guarantee to buy A-320 and A-330 aircraft, had not repaid on schedule, and dues reached Rs 31.34 billion by FY 2081/82; the Fund financed the full aircraft cost without the debt-equity analysis its investment policy requires. Rs 2.55 billion of interest from three hydropower projects that was not received in cash was counted in distributable profit, and the Fund booked Rs 1.94 billion of impairment losses in the year.केही ठूला कर्जा कठिनाइमा परेका छन्। ए–३२० र ए–३३० जहाज किन्न सरकारी जमानतमा रु. १० अर्ब र रु. १२ अर्ब कर्जा लिएको नेपाल वायुसेवा निगमले तालिकाअनुसार भुक्तानी नगर्दा आ.व. २०८१/८२ सम्म साँवा–ब्याज रु. ३१ अर्ब ३४ करोड पुगेको छ; लगानी नीतिले माग गर्ने कर्जा–स्वपुँजी अनुपातको विश्लेषण नगरी जहाजको पूरै मूल्य बराबर कर्जा दिइएको थियो। तीन जलविद्युत् आयोजनाबाट नगद नआएको रु. २ अर्ब ५५ करोड ब्याज वितरणयोग्य नाफामा गनिएको छ, र कोषले वर्षभरिमा रु. १ अर्ब ९४ करोड क्षयीकरण नोक्सानी लेखेको छ। Office of the Auditor General, Nepal OAG 63rd report, EPF paras 3–6.1, PDF pp. 934–935 (printed pp. 884–885)
Ideas to fix it
- The Auditor General recommended moving temporary-account money into the right contributor accounts, identifying the owners of dormant accounts, collecting project-loan interest on time, and lending only within the debt-equity ratio set in the Fund's investment policy.महालेखापरीक्षकले अस्थायी खाताको रकम सम्बन्धित सञ्चयकर्ताको खातामा सार्न, बेचालु खाताका धनी पहिचान गर्न, आयोजना कर्जाको ब्याज समयमै असुल गर्न र कोषको लगानी नीतिले तोकेको कर्जा–स्वपुँजी अनुपातभित्र रहेर मात्र कर्जा दिन सुझाव दिएको छ। Proposed by: Office of the Auditor General Office of the Auditor General, Nepal
Where does it conflict with other laws?
No conflict with another law is documented in the sources we have reviewed so far.