Kathmandu, October 9
The Ministry of Education has sent the Education (Eleventh Amendment) Regulations, 2083, which include a provision for interest subsidies on vehicle purchases by teachers, to the Ministry of Finance for approval.
Under the proposed provision, first-class secondary-level teachers will be eligible to purchase vehicles worth up to Rs 5 million, while second-class secondary-level teachers will be eligible for vehicles worth up to Rs 4 million.
Similarly, the provision proposes that third-class secondary-level teachers and teachers of all classes at the lower secondary and primary levels will be eligible to purchase two-wheelers worth up to Rs 400,000.
Under the regulations, the government will subsidise instalment interest on bank financing for vehicle purchases, covering up to 80 per cent of the total cost. Teachers will have to arrange the remaining 20 per cent themselves.
The government will cover the instalment interest charged by the concerned bank for as long as the teacher remains in service.
