Objective

The objective of the Retirement Saving Plan is to advance the financial security of all plan members and beneficiaries at retirement. It will provide efficient and effective investment management; and achieve the highest possible return at an acceptable level of risk.

Fund Scheme

1. Any enterprise or organization employing 2 or more employees is eligible for NRSP Scheme.
2. The employer and employee shall each contribute minimum of 5% of an employee’s monthly basic wage.
3. The contribution, together with the returns earned, will be credited to the member’s account.
4. The contribution shall be remitted to the Nubri Capital, in a prescribed form, within the 10th day of the following month of salary.
5. The employer will ensure correctness of information furnished and shall be liable for any damages or loss suffered due to incorrect or inadequate or untimely information and remittances.
6. Employer has to intimate Nubri Capital regarding any discontinuation of every member.
7. Discontinuation of more than four month will automatically close the existing members account and Nubri Capital will do the settlement according to the terms of policy.
8. If a members or a nominee fails to claim the benefits after a period of 5 years, Nubri Capital shall forfeit the fund to Nubri Capital general reserve account.

Benefits

1. Fixed rate of return 7.50% annually;
2. Assist private and public sectors in the management, supervision and administration of their retirement funds;
3. Tax benefit at the time of PIT filling;
4. Tax free income on retirement, death or permanent disability

Refund

1. On retirement from service after attaining the retirement age.
2. On retrenchment from service by the employer, voluntary retirement under reorganization or closure
3. On termination of service by the employer on disciplinary ground
4. On resignation by the employee.
5. On retirement on account of permanent and total incapacity for work due to bodily or Mental infirmity, duly certified by the Medical Officer of the employers or, where the employer has no regular Medical Officer, by registered medical practitioner designated by the employers.