As part of implementing the contribution-based Social Security Scheme of the government, the Social Security Fund (SSF) has been collecting the details of employees from different employer firms in the country. As per SSF officials, over 2,500 firms have registered their details at the fund while other firms have been registering themselves every day via the fund’s website.

“We are hopeful that a majority of firms will submit the details of their employees soon. If everything goes as planned, the SSF will make it mandatory for firms registered at SSF to start contributing from mid-July,” informed an official at the Ministry of Labour, Employment and Social Security (MoLESS).

Initially, the government had appealed to firms to register themselves at SSF within mid-March, while they needed to register the details of their workers by mid-June.

Shyamraj Adhikari, executive director of 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 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.

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.

Meanwhile, Adhikari informed that a majority of firms are yet to register the details of their employees as they have shown reservations over some of the provisions in the scheme. “We are discussing on different grievances that we have received from employing agencies. As soon as their concerns are sorted out, we expect them to join the Social Security Scheme,” he added.

Adhikari also informed that SSF has been running different campaigns in a bid to encourage firms towards the Social Security Scheme.

Source: https://thehimalayantimes.com/business/social-security-scheme-to-be-implemented-from-july-17/