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$27.7M collected from pension contributions

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Ouk Somvithya, director-general of the National Social Security Fund. NSSF

$27.7M collected from pension contributions

In 2022, the National Social Security Fund (NSSF) collected a total of 111.54 billion riel ($27.5 million) in pension contributions from 11,792 businesses and institutions in the private sector, representing 86.81 per cent of the 13,584 registered with the NSSF pension scheme.

The pension system for the private sector was introduced on July 1, with contribution payments beginning October 1.

According to its report released in February, as of end-2022, the NSSF had registered a total of 14,352 businesses and institutions with a total of 2,584,706 employees.

For the pension scheme, there were 872 new registered businesses and institutions with 61,478 employees in 2022, bringing the total to 13,584.

“Of the 13,584 businesses and institutions, 11,792 paid their contributions on time for their 1,335,609 employees, 836,288 of them women,” it said, noting that the remaining 13.19 per cent were late or requested to delay the payment of their contributions.

Ouk Somvithya, director-general of the NSSF, said this demonstrates that the NSSF has stepped up to another level after the success in implementing the recently introduced occupational risk, healthcare and other support.

However, he stressed that there remain challenges in implementing the three programmes, especially the pensions due to the registration not covering enough employee or worker types and limited understanding by people of the service.

“We have observed some issues related to employers’ practice of obligations, the service provision of local health facilities and some problems on the part of the NSSF too, which requires ongoing improvement.

“Strengthening and expanding the NSSF’s implementation is aimed to ensure the provision of effective, sustainable, inclusive and friendly services,” he said.


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