Regulatory Alerts2023-06-21
Added
DFIM Circular Letter No. 12: Policy for Payment of Provident Fund and Gratuity for Contractual Employees of Financial Institutions
The document establishes policies for the payment of provident fund and gratuity to contractual employees of financial institutions. It mandates that upon the completion of regular service, final provident fund and gratuity amounts must be paid in full according to existing policies. Conversely, it explicitly states that contractual employees appointed to any position within financial institutions are not eligible for any provident fund or gratuity benefits. These instructions are issued under Section 18(c) of the Financial Institutions Act, 1993, and take effect immediately.
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