Employee Savings Fund Act Amendment Bill Under Consideration in Parliament
Summary
Parliament is considering an amendment bill for the Employee Savings Fund that would expand its investment options while tightening government control over its leadership and policy decisions. The proposed changes would also extend the fund’s coverage to provincial and local government employees and align its structure with Nepal’s federal system.
Key Points
- The Bill to Amend the Employee Savings Fund Act, 2019 is under consideration in Parliament.
- The proposal would give the government greater control over the fund’s board, chairman selection, and policy directives through the Ministry of Finance.
- At the same time, the bill expands the fund’s investment scope into the stock market, financial market, ICT, real estate, and institutions such as universities and hospitals.
- The amendment also makes the fund’s structure more federal by bringing provincial and local government employees under its coverage.
