Kathmandu, June 14: The Finance Committee under the Legislature Parliament today endorsed the Employees Provident Fund Ninth Amendment Bill, 2071.
The Committee scribbled a minor amendment before endorsing the report submitted by a sub- committee formed to prepare a report laden with suggestions and advices.
The report incorporates a provision allowing the Fund to invest unilaterally or in partnership with other organizations in university, teaching hospital, medical college including the educational sector, medicine and energy production.
The Bill also proposes allowing the Fund to hold shares in the concerned companies involved in energy production, broadcasting, tourism, agriculture, development and other infrastructure development envisioned by the government run authorities.
The labourers of tea garden and employees working in cooperatives can also secure their profit-based fund in the Provident Fund, as proposed by the Bill.
The employee – tasked with affixing the additional fund in the Provident Fund’s account belonging to the concerned account holder following the deposition of the regular slice of the monthly allowance – will be held responsible in case of dereliction of duty regarding the failure to post the additional fund.
If the money of the Fund’s account holder cannot be retrieved, the employee in question will have to provide to the government the equivalent from his or her immovable or movable property, the Bill recommends.