KATHMANDU, Nov 13: The Social Security Fund (SSF) collected around Rs 130 billion from contributors as of mid-October this year.
According to the SSF, a total of 3,243,701 contributors from the formal sector, foreign employment, the informal sector, and the self-employed sector have collectively contributed Rs 129.64 billion.
In terms of participation, the numbers of individuals engaged in foreign employment are among the largest contributors. Consequently, they also account for the highest share of total contributions.
SSF collects nearly Rs 100 billion in six years from workers
According to the SSF, 2,450,958 individuals from the foreign employment sector alone have joined the Fund. This represents approximately 75 percent of the total number of contributors. Additionally, 790,083 individuals from the formal sector, 1,168 from the informal sector, and 1,492 from the self-employed sector have joined the SSF.
Provincewise, the SSF has been successful in incorporating a number of formal sectors from all seven provinces. Bagmati Province, with participation of 23,807 employer organizations from the formal sector, leads the segment followed by Lumbini, Madhesh, Gandaki, Koshi, Sudurpaschim, and Karnali provinces.
The number of affiliated employer organizations in the other provinces includes 2,703 in Koshi, 1,321 in Madhesh, 1,428 in Gandaki, 2,190 in Lumbini, 314 in Karnali, and 380 in Sudurpaschim.
Although the SSF has brought a large number of migrant workers and employees in the formal sector under its schemes, participation from the informal and self-employed sectors remains extremely low. Of more than 3.2 million contributors, only 1,168 are from the informal sector and 1,492 are self-employed, according to the SSF.
Under the SSF scheme, a total of 31 percent of an employee's basic monthly salary is contributed to the fund, comprising an 11 percent deduction from the employee's salary and a 20 percent contribution from the employer. The schemes cover old-age pensions, healthcare, accident and disability support, maternity benefits and assistance to dependent family members.
With substantial funds collected, the SSF plans to expand its investments in large-scale infrastructure and industrial projects, including cement manufacturing plants. Its investment priorities include hydropower projects, electricity transmission lines, and solar and other renewable energy production.
