Kathmandu: The Citizens Investment Trust (CIT), established under the Citizens Investment Trust Act, 2047, has reaffirmed its commitment to providing social security to citizens. This was highlighted during an interactive program on the Citizens Pension Scheme, organized by the CIT’s branch office in Pokhara. Kaski’s Chief District Officer, Bharat Mani Pandey, emphasized the importance of social security for all citizens, stating that only in a country with well-implemented social security programs will the general public experience happiness.
Pandey further noted that schemes like the Citizens Pension Scheme, offered by CIT, help relieve citizens from financial stress. He urged the public, private sector, and individuals working in organized sectors to participate in the Citizens Pension Scheme to secure their future and avoid situations where they may have no support.
During the event, Gokarna Karki, President of the Pokhara Chamber of Commerce and Industry, pledged the private sector’s full cooperation with the CIT. He pointed out that since the state operates three different types of funds, there is confusion regarding which to choose. He urged the CIT to provide clarity on this matter.
Participants from various sectors raised questions about programs such as the Employee Savings Growth Approved Retirement Fund, Citizens Pension Scheme, Gratuity Scheme, Housing Loan, Easy Loan (80% Loan Scheme), and the Citizens Unit Plan operated by the CIT. Acting Deputy Executive Director, Shobha Shrestha, addressed these questions by providing details on the CIT’s programs.
Shrestha clarified that the Employees Provident Fund, Citizens Investment Trust, and Social Security Fund are three separate institutions established by the government of Nepal to meet specific needs. She noted that these organizations were created based on necessity and serve different functions. On the topic of health insurance, she clarified that the CIT does not currently operate any such programs.
Regarding the insurance program for civil servants, Shrestha explained that the CIT ran the insurance program until 2075 BS, after which it was discontinued based on a government decision. Now, the CIT only collects funds, and the National Life Insurance Company manages the payouts. She also informed that the CIT transfers the collected funds to National Life Insurance every year by Shrawan 7.
Addressing the 15% tax on the Gratuity Fund, Shrestha clarified that until 2075 BS, the CIT only deducted 5% tax. However, following a government decision to impose a 15% tax, a court order allowed the CIT to continue deducting only 5%.
Nawaraj Gautam, Head of the Pokhara branch, provided further details about the services offered by the CIT. He highlighted that the CIT offers accident insurance and additional returns on investments made by service recipients. He also shared that the CIT invests in housing and land purchases, as well as the construction of apartments and houses.
This program underscores the CIT’s ongoing efforts to provide security and investment opportunities to citizens, promoting financial well-being and stability for all.
