Regulatory Alerts2023-05-15
Added
BRPD Circular Letter No. 15: Policy regarding payment of provident fund and gratuity for contractual officials and employees of a bank company.
The document prohibits banks from continuing to accrue interest on provident funds or calculating gratuity based on total service tenure for regular employees rehired on a contractual basis after their permanent service ends. It mandates that upon final retirement, banks must settle all provident fund and gratuity dues in full according to existing policies. Furthermore, it establishes that no new provident fund is to be created for contractual staff, nor are they eligible for any gratuity benefits.
Topics
Share