Kathmandu. KATHMANDU: Laxmi Sunrise Bank and Citizen Investment Trust (CIT) have signed a Memorandum of Understanding (MoU) for managing the retirement fund of the bank’s employees. The agreement was signed by Nabaraj Khadka, director of PADT and Amit Sharma, head of human resources of the bank.

The agreement has provisions for the management of gratuity fund, voluntary retirement fund and additional retirement fund, whether or not on the basis of contribution.

Now, the fund will prepare personal records and accounts of the bank employees and provide identity cards to the concerned employees, update the accounts of the concerned employees and details received by deducting the fund from the bank on monthly and yearly basis and pay the retirement amount to the retired employees on the recommendation of the bank.

Similarly, the employees of the bank will receive interest, return and other facilities as mentioned in the CIT Act, Rules, Byelaws, Directives and Working Procedures. The Fund will provide payment to the retired or retired employees by deducting tax as per the rules.

For this, the bank will provide details of its employees to the fund, deposit the amount deducted monthly and annually in the concerned fund and recommend for the payment of retirement amount to the retired employees.