CIT, Phalebas Municipality sign MoU to support unorganised sector’s workers

The Citizen Investment Trust (CIT) and Phalebas Municipality of Parbat have signed a memorandum of understanding (MoU) to bring the workers of organised sectors on board for their pension scheme. 

As agreed, each low-income worker from the unorganised sectors would deposit Rs 500 per month while the municipality would provide additional Rs 500 for the fund. Almost 700 low-income workers from the municipality are expected to participate in the scheme and they would get either pension on monthly basis or would collect their money including the principal amount, its interest and dividend in a single installment once the beneficiary is 60 years.
      
The agreement was signed on Monday by CIT Executive Director Raman Nepal and municipality’s mayor Padmapani Sharma.

NIC Asia Bank is the banking partner for his venture and its Kushma branch would provide the service for the participants.

Executive Director Nepal stated that the beneficiaries of the first phase will receive Rs 100 each in their account on behalf of the CIT’s corporate social responsibility.