Draft bill obligates banks to secure timely deposit of pension | Business Info ETH
Draft bill obligates banks to secure timely deposit of pension funds
A draft bill presented to the House of Peoples’ Representatives (HPR) sets to impose on banks and related financial institutions a duty to deduct/transfer from accounts of private organizations that collect pension from their employees but fail to deposit the money timely to the Pension Fund.
According to the bill, banks and other financial institutions that are required to implement the decision must apply the order without any precondition and if the institutions fail to do so, they might be obliged to pay the liability.
