National Pension and Provident Fund

Friday, September 4, 2015

Our first post

Greetings to all the beautiful people of Bhutan.We wish you lots of success in your life.

Looking forward to meeting you all. This is our first post !!!

Posted by NPPF at 4:43 AM 1 comment:

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About Me

NPPF: On March 30, 2000, the Royal Government created the National Pension & Provident Fund (NPPF) of Bhutan as an autonomous organization responsible for the management and administration of the Civil and the Armed Forces old age retirement plans in Bhutan. It functions under the direction and supervision of the National Pension Board (NPB) consisting of members representing various stakeholders. The Government Employee's Provident Fund (GEPF) which had been in effect since 1976 administered by the Royal Insurance Corporation of Bhutan (RICB) was restructured and replaced by the National Pension and Provident Fund Plan. It constitutes a two-tiered (Tier 1 and Tier 2) retirement plan with the objective to provide monthly income as well as lump sum payment. Tier 1 covers the Pension Plan, which is a partially funded Pay-As-You-Go system defined benefit scheme. Tier 2 covers the Provident Fund Plan where members receive lump sum payments of accumulated balances upon retirement.

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