Kathmandu, June 25
A memorandum of understanding (MoU) has
been signed between the Citizen Investment Trust (CIT) and Tamakoshi Rural
Municipality of Dolakha to implement the Citizen Pension Scheme.
Shobha Shrestha Subedi, Acting Executive
Director of the CIT, and Pron Pratap KC, Chairperson of Tamakoshi, signed the
MoU on Thursday.
Under the agreement, the Rural
Municipality will operate the scheme in accordance with the Labour Welfare Fund
Operating Procedure.
Participating workers will contribute
Rs. 500 per month, while the Rural Municipality will provide a matching
contribution of Rs. 500 from the Labour Welfare Fund, bringing the total
monthly deposit to Rs. 1,000 per participant.
The CIT will provide KYC forms and
personal information cards required for the scheme's implementation free of
charge. The local body will be responsible for maintaining and updating records
of participating workers and their individual accounts.
Participants will be entitled to pension
benefits upon reaching the age of 60, in accordance with the Citizen Pension
Scheme Operating Procedure, 2076.
In the event of the death or
disappearance of a pension recipient, the spouse will be entitled to receive a
lifelong pension under the prevailing provisions. If both spouses die, the
savings accumulated in the account will be transferred to the nearest legal
heir.
The scheme also allows participants to
obtain a loan of up to 80 per cent of their accumulated savings after
completing five years of participation, subject to a recommendation from the
Rural Municipality.
Published in The Rising Nepal daily on 26 June 2026.
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