Citizen Investment Trust and Nabil Bank Sign Agreement for Employee Retirement Fund Management
Summary
Citizen Investment Trust and Nabil Bank Limited have signed an agreement for CIT to manage employee retirement funds, including gratuity and additional retirement funds, ensuring centralized pension management.
Key Points
- Citizen Investment Trust (CIT) and Nabil Bank Limited signed an agreement for managing the bank’s employee retirement funds.
- CIT will handle contributory and non-contributory gratuity funds and additional retirement contributions with regular deposits from employees.
- CIT will maintain individual accounts, process payments upon retirement based on the bank’s recommendation, and provide returns and benefits as per law.
- Existing retirement fund balances under previous schemes will be transferred to CIT to ensure centralized and regulated management following the Income Tax Act.
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