Kathmandu. The Social Security Fund has collected billions from the contributors. The fund has collected Rs 79.42 billion from 2.213 million contributors.
Those going for foreign employment have joined the fund more than those working in Nepal. According to the data released by the Fund, 1.63 2 million foreign workers have joined the fund. At present, 580,000 workers working in 20,500 formal sector establishments have joined the social security fund.
Although the government has promised to add workers in the informal sector to the fund, it has not been able to expand much. So far, a total of 461 informal sector workers have joined social security. Fund spokesperson Krishna Adhikari said that the attraction of social security fund has been increasing lately.
He said, “The procedures have been revised according to the time, although there were some dilemmas in the beginning, the participation has increased significantly.” The Social Security Fund is also adding facilities, which may also have added to the attraction. ’
The government has also given priority to social security in its policies and programmes for the upcoming fiscal year 2082/83 BS. Accordingly, the government has made it mandatory for all industrial establishments to be enlisted in the Social Security Fund. So far, it has not been made mandatory for industries to be enlisted in the Social Security Fund brought by the government in 2076 BS.
If this policy is implemented, now those engaged in employment on any service condition of all nature will have to be compulsorily enlisted in the contribution-based social security fund.
“While renewing companies, institutions, cooperatives, firms or other co-operative societies, legal provisions will be made to include workers in the Social Security Fund and submit proof of regular contribution,” reads the policy and programme. This will also put more pressure on industries and establishments to compulsorily go to the Social Security Fund.
Similarly, Minister for Labour, Employment and Social Security Sharat Singh Bhandari has decided to take all types of workers except those receiving pension benefits from the government fund to the Social Security Fund. It has already been implemented.
According to the notification published in the Gazette, people receiving remuneration from the consolidated fund of the federal, provincial and local levels, institutions, corporations, boards, authorities, establishments or any other body wholly or partially owned by the Government of Nepal, provincial government or local levels have been listed as contributors to the social security fund.
According to the Ministry of Labor, at least 60 percent of their salary will be considered as basic salary and 20 percent of it will be deposited in the fund on behalf of the government as employers and 11 percent on behalf of the workers.
This is also likely to increase the number of contributors to the Social Security Fund.
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