Important information about the Employee Provident Fund (Karmachari Sanchaya Kosh) regarding participation in a Contributory Retirement Scheme:
The date of the Council of Ministers of the Government of Nepal to implement a contribution retirement scheme for permanent employees appointed in the Government Service (Civil Service, Nepal Military Service, Nepal Police Service, Armed Police Force, Nepal and Nepal Special Service) in accordance with the Retirement Act, 2075. Due to the decision on 2076/04/16, the Employees' Reserve Fund has been allocated for the information of concerned offices and employees. Alert has been issued.
The following procedure should be followed by the concerned staff and office to get involved in the scheme:
1. To deduct 6 percent from the monthly salary of the employees concerned in order to participate in the scheme, and add 100 percent from the respective offices to the total contribution amount to be deposited in the designated bank account of the fund.
2. To participate in the scheme, the staff will update the KYC as follows, obtain the KYC number (UCIN) and use the following:
- To obtain the identity card number of the fund by contacting the Treasury's office directly or in coordination with the respective libraries.
- Update the KYC online and obtain the Submission number by taking the ID number.
- The KYC can fully update and obtain the KYC Number (UCIN) from the fund's office by obtaining the Submission Number obtained. However, KYC number (UCIN) can be obtained through the office concerned with KYC number, thus KYC number (UCIN) must be contacted and updated KYC as soon as possible.
- The KYC number (UCIN) must be provided to the office for withdrawal of contributions and to the office where the UCIN number is transferred at any time if the office is changed.
- Employees participating in the scheme will be able to view personal account details online for export.
3. The concerned office shall send the employee's contribution amount and related details and update the institutional KYC and obtain Corporate Login.
4. Store the receipt received by the Corporate Login Web Entry and secure the receipt from the online system by the concerned office at the designated bank.
5. Arrangements will be made for sending only the KYC number (UCIN) based on the web entry by the concerned officers regarding the monthly contribution amount.
6. In the amount of contribution, the Fund will provide interest and profits as prescribed.
7. The amount deposited in the personal account of the employees shall be payable in accordance with the provisions of the Disbursement Fund Act, 2075.
Further information on the scheme can be found on the Fund's website.
Pension Management and Social Security Department
Employee Provident Fund (Karmachari Sanchaya Kosh)
Website: epfnepal.com.np
