More than 800,000 citizens have been enrolled in the Citizen Investment Trust (CIT). From Magh 2048 to the end of Poush 2082, this many citizens have become members of the Trust.
According to CIT Information Officer Uddhav Raj Silwal, a total of 804,500 citizens have so far been enrolled in the Trust.
He stated that while the Trust’s total fund balance currently stands at Rs. 296 billion, total investments amount to Rs. 295 billion.
The Trust is currently operating seven different programs. According to CIT data, 373,000 participants are enrolled in the Employee Provident Growth and Retirement Fund, 37,000 in the Production and Pension Scheme, around 13,500 in the Investor and Retirement Fund Scheme, and 14,000 in the Citizen Pension Scheme.
Similarly, the Trust reported participation of 104,000 individuals in the Civil Servants’ Insurance Scheme, 84,000 in the Teachers’ Insurance Scheme, 58,000 in the Nepal Army Insurance Scheme, 57,000 in the Nepal Police Insurance Scheme, and 28,000 in the Armed Police Force Insurance Scheme.
The Citizen Investment Trust was established with the main objective of encouraging the general public to save capital for national economic development, expanding investment opportunities, and promoting dynamism in the capital market. The Trust was established on Chaitra 4, 2047 under the Citizen Investment Trust Act, 2047, and formally began operations on Magh 1, 2048.
To achieve its objectives, the Trust collects savings under various programs from the general public, employees and workers of organized institutions, and institutions themselves, and manages those collected savings through efficient and professional investment practices.
The Trust also provides participant loans and credit facilities. Under special loan provisions, participants in the Employee Provident Growth and Retirement Fund can receive loans of up to 90 percent of their accumulated contributions, while participants in the Citizen Pension Scheme and the Production and Investor Account Schemes can receive loans of up to 80 percent of their accumulated contributions.
Among collateral-based loans, the Trust provides retirement loans, easy loans, and vehicle loans to participants of the Employee Provident Growth and Retirement Fund, Gratuity and Investor Account Scheme, and the Citizen Pension Scheme.
Likewise, under the Citizen Pension Scheme, the Trust has launched a comprehensive pension program aimed at encouraging the general public to save, channeling those savings into national economic development, and supporting individuals’ livelihoods using savings accumulated during their active working years. This program targets Nepali citizens who are not covered by other savings programs of the Trust.
Under the pension participation provisions, income-earning individuals, workers and employees of organizations and institutions established under prevailing laws, self-employed individuals, as well as non-resident Nepalis and those engaged in foreign employment, are eligible to participate.
Under the pension scheme, savers can deposit a minimum of Rs. 500 per month and up to an amount divisible by 10 based on their income capacity. Contributions can be made on a monthly, quarterly, semiannual, or annual basis, depending on income, provided that the installment is not less than Rs. 500 per month.
According to Information Officer Silwal, the number of citizens enrolling in the Citizen Investment Trust is steadily increasing. He noted that the expansion of new civil service positions has also contributed to the growing number of participants.
Enrollment is increasing not only in the Trust but also in the Citizen Pension Scheme. The number of citizens joining the pension scheme has been rising gradually.
From the central office to provincial offices, the Trust has been conducting various programs related to the Trust and the pension scheme. To raise public awareness, interaction programs are held two to three times a month at institutions and schools. Additionally, awareness messages related to the Citizen Investment Trust are being regularly disseminated through various social media platforms, according to Silwal.
