Insurance Authority Proposes 90% Hike in Employee Benefits Amid Rising Resignations

Kathmandu – Along with employee dissatisfaction mounting and attrition on the rise, the Nepal Insurance Authority has submitted a proposal to the Ministry of Finance seeking up to a 90 percent increase in service-related benefits for its staff.

The move comes after the Board of Directors of the Insurance Authority recently endorsed a plan to revise the existing facilities, including allowances based on job level. While the salary scale will remain unchanged, the proposal aims to substantially boost allowances to address growing concerns among employees over pay disparity with other regulatory institutions.

According to the Authority, the new benefits structure is intended to come into effect from the beginning of the Nepali fiscal month of Shrawan, pending approval from the Finance Ministry.

Currently, employees of the Insurance Authority receive significantly lower benefits compared to their counterparts in similar government regulatory bodies.

The proposed hike also seeks to bring parity with the National Insurance Corporation, whose employees are said to earn more than those at the Insurance Authority.