The Bank, Insurance, and Financial Sector Employees’ Union Nepal (BIFU Nepal) successfully concluded its Fourth General Meeting of the National Committee on Bhadra 2–3, 2082, in Lalitpur. The meeting was chaired by Dharmaraj Mainali, with the presence of Rameshwar Phuyal, member of the Politburo of the CPN-UML and professional federation in-charge, as the chief guest.
The meeting strongly demanded the elimination of disparities in employee service benefits across the sector. It highlighted concerns arising from the Supreme Court decision dated Falgun 2, 2081, which poses serious challenges to employment security for employees in the banking, insurance, and financial sectors and may allow management to impose undue measures on staff. In this context, the union demanded amendments in the Bank and Financial Institutions Act, 2073 and insurance sector laws to ensure employees’ rights under Article 34 of the Constitution of Nepal, 2072, and the Labour Act, 2074, including provisions for departmental review of administrative actions.
The meeting resolved that tax on all types of retirement benefits should be maintained at 5 percent, aligning with the civil service framework. It also raised concerns over the discriminatory bonus distribution system: while government-owned banks, insurance, and financial institutions allocate 5 percent of profits, private institutions allocate 10 percent. This disparity violates the principle of “equal benefits for equal work” under International Labour Organization conventions and the Labour Act, contradicting the Constitution’s vision of a socialist-oriented state. The union urged amendments to end these disparities, including equal contributions to national welfare funds.
The meeting further addressed unilateral policy changes in the fiscal year 2082 budget announced on Jestha 15, 2082, particularly Clause 398. The mandatory transfer of retirement funds previously approved by the Internal Revenue Department to Employee Provident Fund, Citizen Investment Trust, Social Security Fund, or Retirement Fund has adversely affected employees’ service benefits, and the union demanded that these provisions be made optional or revoked. Concerns were also raised over the administrative process of employee service regulations, which pass through the Ministry of Finance to the Public Service Commission, causing delays and reductions in benefits. Amendments to service regulations without proper approval have negatively impacted staff career development and morale.
The meeting was attended by Punyaprasad Dhakal, National Committee President; Vice Presidents Bholanath Pokharel and Hari Kumar Shrestha; General Secretary Kedar Prasad Devkota; Secretary and BIFU Nepal in-charge Kamal Parajuli; Advisors Badriprasad Timilsina, Rajesh Aryal; and other officials and members.
This article was originally published on https://bajarkochirfar.com. Translated with the help of AI and reviewed by our editorial team.
