Social Security Fund Accumulates Over NPR 102 Billion in Contributions

Over NPR 102 billion contributed by members has been deposited in the Social Security Fund. As of Falgun 10, NPR 102.54 billion has been accumulated in the fund.

The formal launch of the social security schemes took place on Mangsir 11, 2075 BS. The collection of contributions began on Shrawan 1, 2076 BS. For workers employed in the formal sector, 31 percent of the monthly basic salary is deposited in the Social Security Fund. Of this, 11 percent is contributed by the worker and 20 percent by the employer. Additionally, contributors can make extra contributions voluntarily. The contribution for each month must be deposited into the fund by the 15th of the following month.

It is reported that the amount deposited in the fund is increasing daily. According to Krishna Adhikari, spokesperson for the Social Security Fund, the fund's money is being managed securely. He stated that the fund has invested in government bonds, commercial bank deposits, mutual funds, debentures, and similar sectors. Investment is also being made in the form of loans to contributors.

Spokesperson Adhikari said, "The amount deposited in the Social Security Fund is increasing day by day. The amount deposited in the fund has been invested in sectors such as government bonds, commercial bank deposits, mutual funds, and debentures. Investment has also been made in the form of loans to contributors."

Workers or contributors in the Social Security Fund are classified according to various sectors. Four sectors have been designated: formal, informal, self-employed, and foreign employment. Contributors affiliated with the fund can benefit from the Medical Treatment, Health and Maternity Plan, Accident and Disability Plan, Dependent Family Security Plan, and Old Age Security Plan.

Currently, the number of contributors affiliated with the fund has reached 2,822,333. The number of registered employers is 23,084. Among the total contributors, approximately 679,000 are formal sector workers, while about 2.2 million contributors are engaged in foreign employment.

Participation from workers in the informal and self-employed sectors remains low. Only 854 individuals from the informal sector and 808 individuals from the self-employed sector have affiliated with the Social Security Fund. – News Agency Nepal