Kathmandu: Employees at Kumari Bank and Global IME Bank have been granted an advance bonus equivalent to one and a half months’ salary, drawn from the profits generated in the recently concluded fiscal year. As the financial year wrapped up, it has become a common trend for banks and financial institutions to swiftly disburse such incentives to their workforce.
In keeping with this practice, both Kumari and Global IME Bank processed these payments during the first week of Shrawan, a move that is being mirrored by several other commercial banks across the sector.
According to bank sources, while the final profit figures may entitle employees to a larger total sum, the banks have currently distributed approximately half of the projected bonus. The remaining portion will be credited to the staff members’ accounts once the Nepal Rastra Bank formally approves the financial statements and grants permission to proceed with the Annual General Meetings. This phased disbursement ensures that employees receive immediate benefits while the institutions await final regulatory clearance for the full amount.
This distribution is governed by the Bonus Act, which mandates that every profit-making establishment must set aside ten percent of its net annual profit for employee bonuses. Specifically, Section 5 of the Act requires that a tenth of the net profit be allocated for this purpose. Guided by these legal provisions, it has become standard procedure for banks to release an initial instalment of the bonus immediately after the fiscal year ends, followed by the final settlement during the period of their annual general assemblies.
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