Tuesday 19th October 2021

22 Nepali Commercial Banks Union Bodies Approach Supreme Court Against SSF

The Asian country’s banks are up in arms about joining the fund
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22 Nepali Commercial Banks Union Bodies Approach Supreme Court Against SSF

Trade unions of 22 Nepali commercial banks filed a case against the Social Security Fund on Sunday for compelling them to join the fund.

The staffing members of the 22 banks are protesting against the SSF for a week now. As a result, the government of Nepal has set aside the provisions of the staff of three government entities.

This includes Agriculture Development Bank, Rashtriya Banijya Bank, and Nepal Bank Limited. It is to be observed that StanChart and Laxmi Bank are already part of the SSF.

 

The government has mandated the private firms to be a part of the SSF and intends to achieve this goal from next fiscal year commencement. The government has doubled down its efforts to compel commercial banks to join this fund.

Social Security Fund

However, the staff of the banks and insurance companies are up in arms about this compulsion. They are staunchly demanding that the government amend the Social Security Act of 2018 to consider joining the SSF.

The bankers felt that if the banking organizations join the fund, most of the benefits that they are blessed with will vanish into thin air. They are demanding the fund authorities to change the provisions which the bankers deem to be unfair.

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