The Central Bank has fixed the salaries of the chief executives of the banks and financial institutions (BFIs). However, the new directives will not attract the pay and perks of the existing chief executives.
"The bank's chief executives renumeration cannot exceed the last three fiscal years' average pay and perks of the total employees of the financial institution or maximum of 0.025 per cent of the last fiscal year's total assets, which ever is less," said the Nepal Rastra Bank (NRB) directives issued here today.
The central bank -- under fixed annual compensation -- said that in case of the banks and financial institutions that are into operation for less than three years, the chief executives' remuneration should not exceed the industry average.
However, the chief executives under current assignment will come under the directives.
Similarly, the central bank has also directed the banks and financial institutions to follow the NRB directives on performance-based pay and other pre-requesitives.
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