No Work No Pay, Warns Finance Minister Pandey

Finance Minister Surendra Pandey today said that the gov ernment is in favour of a `No Work, No Pay' policy.

Addressing the 48th anniversary gathering of Employment Provident Fund, he said that the evaluation of employees should be based on performance. "The trade unions should be more responsible," he said adding that the government is trying to implement culture of carrot-and-stick.

EPF has around 4,40,000 depositors and is a member of the International Social Security Association (ISSA). "The government has given more priority to social security," said the finance minister, who has allocated Rs 8 billion in the budget for social security. The government has also formed a task force to recommend the modalities of social security that can pay unemployed benefit while one is out of work.

"When one is working, one pays tax and when one is out of work one gets the benefit," he added.

Pandey also opined that without economic development, a country cannot develop. "Economic development is key to national unity as well," he said suggesting EPF to invest in hydropower projects that can bring development and unite the nation. "However, lack of institutional cooperation has made the progress of 456 MWUpper Tamakoshi -- a mega hydel project where EPF has committed to investing Rs 12 billion -- unsatisfactory," he said showing his displeasure over Nepal Electricity Authority's inability to accelerate the project.

EPF has been managing Rs 79.15 billion at present.