Provident Fund, Compensation, gratuity, Bonus, Social Security Fund

60.Provident Fund

a)      The Company shall monthly deduct Ten percent of the employee’s basic salary and add Hundred percent amount equivalent to that amount and deposit the total amount for the purpose of provident fund.

b)      Company must keep the individual record of provident fund of every employee.

61.Compensation for injury

a)      If an employee gets injured while performing the duty as assigned by the company and required medical treatment such medical expenses of that employee will be compensated by the company with reference to Nepal Medical Council registered doctor.

b)      If an employee gets injured while performing the duty as assigned by the company and won’t be able to return to work immediately and required medical treatment in hospital or from home apart from medical compensation the employee will be paid full salary if treatment is carried in hospital or in case medical treatment has to be  carried from home employee will be paid half salary for that period of treatment.

c)      But if the medical treatment has to be carried for more than a year the employee shall not be paid any amount of salary for period more than a year.

62.Dual Compensation on same case is prohibited

Employee will not be eligible for dual compensation for the same case.

63.Terminated after paid of gratuity and compensation

If an employee gets injured while performing the duty as assigned by the company and won’t be able to return to work even after a yearlong medical treatment upon recommendation of Nepal Medical Council registered doctor such employee can be terminated after paid of gratuity and compensation amount.

 

64.Gratuity

a)      All the employees will be eligible for gratuity.

b)      The rate of gratuity will be 8.33% of the basic remuneration.

c)      Provisions relating to the deposition and payment of gratuity amount shall be as prescribed in the prevailing laws of Nepal.

d)      Gratuity will be paid to an employee only upon the separation from service for any of the reasons.

65.Social Security Fund

a)      Every Employee will be registered with Social Security Fund and amount to be deposited in Social Security Fund will be deducted from basic salary of an employee and deposited to their respective account of SSF.

b)      Company shall not register for any kind of insurance which will be accommodated in Social Security Fund.

c)      Company will communicate to the contribution based social security fund office upon the separation of an employee from service to settle the amount t be received from contribution based social security fund office.

66.Bonus

Profit bonus will be distributed as per the prevailing law of Nepal Government.