General Announcements & Circular |
| *Announcement* |
PRESS RELEASE
Pursuant to Pay Revision Notification No.MOF/R-Allowance/2009/3709 dated 13th February 2009 of the Ministry of Finance, the National Pension & Provident Fund would like to announce the implementation of the following changes in the National Pension & Provident Fund Plan duly approved by the Royal Government:
- Pension benefit level has been changed to 40% of final year basic salary.
- Maximum salary scale of EX1 position level in the civil service has been established as the maximum pension benefit.
- Contribution rate has been revised to 22% which comprises of employee's contribution of 11% with matching contribution by employer;
- Pension benefit shall be indexed to annual average Consumer Price or 7% whichever is lower once every July;
- Permanent disability and the surviving family benefit levels have also been revised which shall be indexed to annual average Consumer Price or 7%, whichever is lower once every July.
Scope of the change in the Pension plan
- Under the provision of pension vesting period, those members retiring after 10 years but before 20 years of service shall have right to exercise the option either to wait till 51 years of the age for early retirement pension or 56 years of age for normal pension or withdraw lump-sum amount from pension account with interest.
- All the changes in the pension system would be applicable to those members retiring after 1st July 2009.
- The members who have retired on or before 30th June 2009 would continue to operate as per the existing system. However, their pension benefits shall be indexed to Consumer Price once every July after 2010
Information on the revised changes is also available on the NPPF web page www.nppf.org.bt
Issued as per Notification of the Ministry of Finance of 29th May 2009.
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| *Notice* |
The NPPF would like to inform all the agencies and its valued customers that the NPPF’s Bank Account Nos maintained with the BOB branches have been changed in Wangdue, Thimphu and Phuntsholing because of the introduction of the core banking system by the Bank of Bhutan .Therefore, the NPPF would like to request all the agencies and its clients to kindly deposit the Provident Fund Contributions and Loan EMI’s in the following new accounts.
Sl.No |
Branch Name |
Account Name |
Old .A/c. Nos |
New A/c.Nos |
1 |
Thimphu |
Expense A/c |
8942 |
20700220430360019 |
|
|
Rent Deposit |
8955 |
20700220261170010 |
|
|
Contribution A/c |
8959 |
20700220262810016 |
|
|
Housing Loan Collection A/c |
9734 |
20700220296410019 |
2 |
Phuntsholing |
Contribution A/c |
7567 |
20700110010800100 |
|
|
Expense A/c |
7568 |
20700110010810104 |
3 |
Wangdue |
Housing Loan Collection A/c |
CD/380 |
01320701361551540014 |
|
|
Contribution A/c |
CD/302 |
03120701361551340015 |
|
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| Changes in the Service Delivery System |
Towards enhancing good governance and facilitating fast and efficient service to its members, the NPPF is pleased to announce the changes in the Service Delivery Rules with immediate effect as follows:
Retirement benefit claim Procedure
- Inline with Bhutan Civil Service Rules 2006 and other Rules, it has further streamlined the system of processing pension and provident fund claims. The NPPF will now process the claims based on the following documents:
- Complete application for Provident Fund Refund Form
- A copy of Retirement Order
- A copy of Reliving Order
- A copy of Last Pay Certificate
- A copy of Royal Audit Authority Clearance
- Complete application for Pension Benefits
- A copy of Marriage Certificate
- Further, the NPPF will not require Financial Institution clearance for processing of retirement benefit claims. The Drawing and Disbursing accounts personnel of the concerned employer are held responsible and accountable for dealing directly with Financial Institution.
- To avoid losses incurred to members and the agencies from late deposit of contribution, we earnest request the agencies to kindly facilitate timely remittance of contribution on or before 10th of the following month.
This has reference to the Circular No. MF/GEN/2001/2757 dated 1st march 2001, MF/GEN/200/4072 of 3rd February 2000 and DPA/GEN/2006-07/9535 of 8th May 2007 of the Ministry of Finance.
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| Civil & Armed Forces Pension and PF Division |
This is to notify all the NPPFP members of civil service, corporation and the Armed Forces that the NPPF is taking initiative to regularly compile and update the personal information system of all the members. Therefore, towards providing members with easy access to information, it is developing a system that provides information directly to the members through e-mail, telephone calls and SMS in addition to surface mail. The members and pensioners who have not yet furnished the following details are kindly requested to update the information with us on or before 15 January 2009:
- Mobile Numbers
- E-mail addresses
- New Citizenship Identity Card Number
You may use this format to update the information either by fax or e-mail.
| For In-service members |
For Pensioners* |
| Name: |
Name: |
| NPPFP No.: |
Pension Identity Card No.: |
| New citizenship ID No.: |
New citizenship ID No.: |
| Email address: |
Email address: |
Spouse & children details:(name, date of birth, new citizenship identity card, marriage certificate) |
|
Including spouse beneficiaries
For any clarification, please contact Mr. Jigme Tenzin, Customer Service. Tele. No. 337064, npbjigme@yahoo.com, nppf2008@gmail.com, Fax: 334790/324306
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| ADM/HRD DIVISION |
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| *Real Estate * |
The existing practice of receiving applications for residential quarters and allotment system will be discontinued with immediate effect. However, as and when flats are vacant the management will make the information available in the media and on its website for allotment. The In-charges of the housing colonies will keep the management posted on the availability of vacant flats in their respective areas well in advance.
Further, the retiring member tenant and the family of the demised tenant shall be allowed to continue occupation of the flat upon specific request for a period of one year instead of three and two months as specifiedin clause Nos.19.3 and 19.4 of the NPPF Housing Management Rules and Regulations 2004.
The above amendment to the NPPF Housing Management Rules and Regulations is issued as per the directives of the Board conveyed during its 37th meeting held on July 29, 2008.
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Notification
The NPPF is pleased to notify all its esteemed members that it has reduced the minimum required number of yers in service for availing both Housing Loan and Education Loan to ONE year instead of 5 years and 3 years respectively.
With the above change, our valued members can now avail both Education and Housing Loan after completing one year in service.
We would also like to inform that the minimum eligible loan amount for Education loan has been reduced from Nu.30,000/- to Nu.15,000/-
The Loan scheme details are now as follows.
| |
Housing Loan |
Education Loan |
| Purpose |
To help the members fund their construction,purchase or repairs of house and apartments. |
To provide financial assistance to Members for their children's studies. |
| Eligibility |
-Contributing members of civil and Armed Force Pension.
-Minimum of 1 year contribution to the NPPF at the time of application. |
-Contributing members of Civil and Armed Force Pension.
-Minimum of 1 year contribution to the NPPF at the time of Application. |
| Limit |
-Up to 70% of the total collateral value.
Monthly repayment to be within the expected rental income from building plus 60% of Net pay or 100% of Net pay (in case of spouse engaged in gainful employment) |
-Maximum of Nu.1,000,000/-(Subject to availability of sufficient collateral)
-Minimum of Nu.15,000/-
-Monthly repayment to be within of 60% of Net pay or 100% of Net pay(in case of spouse engaged in gainful employment) |
| Rate of Interest |
-10% p.a. for new construction
-10% for Repairs and maintenance as well. |
9% with effect from 1st october,2008. |
| Term of Loan |
20 years |
15 years |
For further information and assistance, please call our Credit Division at 02-334787/02-325758 and contact the following
- Education Loan Officer
- Housing Loan Officer
- Customer Care or visit our Web site www.nppf.org.bt
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