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Monday, March 18, 2019

Social security plans under one umbrella

Kathmandu, March 18

Finance Minister Yubaraj Khatiwada has said social security programmes will be kept under a single umbrella.

Addressing the 29th anniversary programme and foundation-laying ceremony of the new building of Citizen Investment Trust (CIT) here today, he said that various government bodies and agencies operating social security programmes will be run in an integrated manner.

“All works including from the identity card related to social security to distributing the social security allowance will be run in an integrated manner by bringing all social security programmes under a single umbrella like in other countries,” the finance minister said, adding that the institutions working in the social security sector will be integrated within five years.

Minister Khatiwada said that since CIT is an integral part of the social security programme, it should move ahead hand in hand with the government. He stressed on making CIT a strong basis of the financial market, and that new laws are being formulated to make it more autonomous and transparent. He urged CIT to support those wanting to raise capital from individual capital market and the stock market.

Nepal Rastra Bank’s Deputy Governor Chintamani Shivakoti, said preparations were afoot to conduct inspection and supervision of institutions like CIT and the Employees Provident Fund.

On the occasion, CIT Chairman Ram Chandra Bhattarai, said the trust will invest in productive sectors like energy, agriculture, tourism and physical infrastructure.

A nine-storey building of the CIT will be constructed on six ropanis of land in the coming four years. The cost of the building is estimated to be Rs 690 million.

The post Social security plans under one umbrella appeared first on The Himalayan Times.

from Business – The Himalayan Times https://ift.tt/2HGBJN5

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