Private firms started registering for social security in Nepal – South Asia Time

Private firms started registering for social security in Nepal

 January 30, 2019  

Kathmandu : According to the Social Security Fund (SSF), 625 firms have registered their details at the fund till Friday while other firms have been registering themselves every day via the fund’s website.

At a programme organised by the Ministry of Labour, Employment and Social Security (MoLESS) in the capital today, Labour Minister Gokarna Bista handed over certificate of association to 272 firms. “SSF will verify the remaining 353 employers in the next phase,” he added.

Under this scheme, firms must register themselves at SSF within mid-March while they need to register the details of their workers by mid-June.

“About 15-20 business firms are registering themselves online at the SSF every day and we have called on all the business firms to submit their details as soon as possible,” Bista said.

According to the labour ministry, most of the companies that are registering their details at SSF are liquor companies, hydropower firms, banks and financial institutions and different corporate houses, among others.

Different firms including Jawalakhel Group of Industries, MAW Enterprises, Park Village Hotel, Panchakanya Group, SJVN Arun III Hydropower, Asian Distillery, Chaudhary Group, Himalayan Distillery, Sanima Mai Hydropower and Everest Insurance Company, among others have registered their details at SSF.

Shyamraj Adhikari, executive director of the SSF, mentioned that it will require the combined efforts of the government, employers and the employees to make the Social Security Scheme a success.

Under the contribution-based Social Security Scheme, private sector employees will have to contribute 11 per cent of their basic salary to the fund, while employers or firms will have to contribute another 20 per cent of the employees’ basic salary to the fund.

Earlier, the government had unveiled the plan to collect the monthly instalments for the SSF from June 22.

According to the scheme, of the total fund collected, SSF will allocate 3.22 per cent for medical treatment, health and maternity security and 4.52 per cent for
accident and disability security. It will allot 0.87 per cent for dependent family security and 91.39 per cent for old age security.