Citizen Investment Trust and Everest Bank Sign Agreement on Employee Retirement Fund Management
Summary
Citizen Investment Trust and Everest Bank Limited have signed an agreement to manage and operate the bank's employee retirement fund system, covering gratuity and retirement funds.
Key Points
- Citizen Investment Trust and Everest Bank Limited signed an agreement to manage the bank's employee retirement fund system.
- The agreement includes management of both contribution-based and non-contribution-based gratuity and retirement funds.
- CIT will handle individual employee accounts, issue identity cards, update records, and make retirement payments after tax deductions.
- Existing retirement funds and financial balances will be transferred and adjusted into CIT-managed accounts according to the Income Tax Act, 2058.
.png)