Why Should we get Enrolled to Social Security fund (SSF) Nepal Author Bimal Kandel | Managing Director | FroxJob | Payroll Outsourcing | Recruitment

Why Should we get Enrolled to Social Security fund (SSF) Nepal.

Acclaimed by the authority of Social Security Fund Nepal, the amended schemes of SSF is much beneficial for the contributors than ever. The contribution-based Social Security Fund was passed by parliament on 2074 B.S. (July 24, 2017) and it has come into implementation from 1st Shrawan 2076.

The Employer’s Associations, Employees from private sectors and Stakeholders previously had shown their dissatisfaction towards the benefits provided to the contributors of SSF via various news, articles and seminars. By considering the feedback from stakeholders and experts, SSF has come up with some fascinating schemes amendment on Falgun 2076 (February 11, 2021).

Reasons why we should get Enrolled on SSF.

1. It’s a LAW:

The introduction of the Social Security Fund is already there in Nepal Labour law, which clearly states that once the fund has come in operation the retirement benefits amounts need to be deposited in the SSF. Holding the amount to any private organizations, banks is illegal.

2. Unlimited Risk Coverage

SSF has introduced four schemes where the amount contributed by the contributors will be used for which covers the unlimited risk especially in accidental and disability case:

Medical, health and Maternity Protection Schemes
Accidental and Disability Protection Scheme
Dependent Family Protection Scheme
Old Age Protection Scheme

3. Easy on Medical expense reimbursement

The contributor can directly connect with SSF through its online processing system. They can also use the dedication call centre for more information.

4. Less Administrative Hassle to the Employer for claim settlement

Many corporates are facing the issue on claim settlement of claims. But once they start to contribute for their employees those administrative hassle transfers immediately and the process is solely taken care of by SSF.

5. Loan facility

After three years of continuous contribution, the contributor can apply for the loan from SSF based on their contributed amount. Such amount will be 80% of his/her total contribution of the sum of 28.33% contribution part.

6. Assurance of Family Security

None of the institutions and companies till date are successful to introduce any scheme that protects his/her family at old age or post the life.

7. Transfer of Liability

Once the company registered and start enrollment to Social Security Fund, the liability of employees will not be only limited to the employer.