Nabil Bank Distributes Three Months' Advance Bonus to Employees
Nabil Bank has provided its employees with an advance bonus equivalent to three months' salary following the completion of the last fiscal year.
Commercial banks in Nepal have started distributing advance bonuses to employees following the conclusion of the fiscal year 2082/83. Among them, Nabil Bank has provided the highest advance bonus, equivalent to three months' salary, to its employees.
According to bank sources, approximately half of the total employee bonus has been distributed at this stage. The remaining amount will be paid after Nepal Rastra Bank approves the bank's financial statements for presentation at its Annual General Meeting (AGM). Depending on the bank's financial performance, employees may also receive additional bonuses.
Under Nepal's Bonus Act, every profit-making institution is required to allocate an amount equal to 10% of its annual net profit for employee bonuses. In line with this provision, most commercial banks distribute a portion of the bonus immediately after the fiscal year ends and pay the balance around the AGM.
Some banks, including Standard Chartered Bank Nepal and Everest Bank, follow a different practice by distributing employee bonuses before the Dashain festival if their AGMs are held before the festival. If not, bonuses are paid after Nepal Rastra Bank approves the financial statements.