NPR 79.42 Billion Collected in the Social Security Fund

The Social Security Fund (SSF) of Nepal has collected a total of NPR 79.42 billion from over 2.213 million contributors. Interestingly, more contributions have come from Nepali workers employed abroad than those working within the country. According to data made public by the SSF, about 1.632 million workers in foreign employment have been enrolled in the fund, whereas 580,000 workers from 20,500 formal sector institutions within Nepal are currently contributing.

Despite the government's announcement to include workers from the informal sector, progress has been limited, with only 461 informal workers enrolled so far. SSF spokesperson Krishna Adhikari stated that participation in the fund has increased significantly, thanks to timely amendments in procedures and the introduction of additional benefits. The government has prioritized social security in its policy and program for the upcoming fiscal year 2082/83. It has made it mandatory for all businesses and institutions to register with the SSF. Previously, such registration was not compulsory. Once this policy is implemented, all employees—regardless of the nature of employment—must be registered under the contribution-based SSF.

Moreover, any renewal of businesses, companies, cooperatives, or firms will require proof of SSF registration and regular contributions. In a recent decision, Minister for Labor, Employment, and Social Security Sharat Singh Bhandari mandated that all employees, except those receiving government pensions, must be included in the SSF. This policy has already come into effect.

According to the government notice published in the Gazette, employees paid through the funds of federal, provincial, or local governments—or institutions fully or partially owned by them—are now being enlisted in the SSF. The government will contribute 20% and the workers 11% of at least 60% of the salary they currently receive. This is expected to significantly increase the number of contributors to the SSF in the near future.