Logo of Phnom Penh Post newspaper Phnom Penh Post - $27.7M collected from pension contributions

$27.7M collected from pension contributions

Content image - Phnom Penh Post
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.

MOST VIEWED

  • Joy as Koh Ker Temple registered by UNESCO

    Cambodia's Koh Ker Temple archaeological site has been officially added to UNESCO’s World Heritage List, during the 45th session of the World Heritage Committee held in Riyadh, Saudi Arabia, on September 17. The ancient temple, also known as Lingapura or Chok Gargyar, is located in

  • Famed US collector family return artefacts to Cambodia

    In the latest repatriation of ancient artefacts from the US, a total of 33 pieces of Khmer cultural heritage will soon return home, according to the Ministry of Culture and Fine Arts. In a September 12 press statement, it said the US Attorney’s Office for the

  • Tina rebuffs ‘false claims’ over falling paddy price

    Agriculture minister Dith Tina has shed light on the trade of paddy rice in Battambang – Cambodia’s leading rice-producing province – in a bid to curb what he dubs a “social media fact distortion campaign” to destabilise the market. While acknowledging that the prices of paddy

  • Cambodia set to celebrate Koh Ker UNESCO listing

    To celebrate the inscription of the Koh Ker archaeological site on UNESCO’s World Heritage List, the Ministry of Cults and Religion has appealed to pagodas and places of worship to celebrate the achievement by ringing bells, shaking rattles and banging gongs on September 20. Venerable

  • Kampot curfew imposed to curb ‘gang’ violence

    Kampot provincial police have announced measures to contain a recent spike in antisocial behaviour by “unruly’ youth. Officials say the province has been plagued by recent violence among so-called “gang members”, who often fight with weapons such as knives and machetes. Several social observers have

  • PM outlines plans to discuss trade, policy during US visit

    Prime Minister Hun Manet is set to meet with senior US officials and business leaders during his upcoming visit to the US for the UN General Assembly (UNGA), scheduled for September 20. While addressing nearly 20,000 workers in Kampong Speu province, Manet said he aims to affirm