Royal Insurance Corporation of Bhutan Limited

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Back | Pvt. Provident Fund

Private Provident Fund Scheme

The Provident Fund scheme was initiated in 1976 as a form of social safety net into which employees contributes a portion of their salaries and employers also contribute equal amount for the benefit of employees. The minimum contribution payable is 5% of basic salary on each part and in certain cases the employees can have option of initiating the contribution without the equal contribution of employer as per the type of employment.

Objective of the Scheme:

  • To Induce saving while the members earn( Save As You Earn Scheme)
  • To give post service and in-service benefit to the employees.

Process of Remittance:

  • Every month, the employer needs to deduct the PPF remittance and forward the same to nearest RICB office in the prescribed format.
  • There is no penalty for late remittance; however members would lose the interest.
  • All the members are issued PPF memo showing details of his/her opening balance, contribution made during the year, interest credited and closing balance after closing of  every accounts.

Benefits of the Scheme:

  • Contribution accumulation @ 7 % p.a.
  • Provides security during old age and retirement after employee regular income ceases(Post service benefits).
  • Provides assets building benefits to the member ( in service benefits ).
  • Protection to the dependents of employee in case of premature death.
  • The contribution is 100% tax deductible while filing for the annual PIT.