Joshua Farrell
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What could be the social & financial implications of social security program that affect the perception of employees on applicability of the program?
The Government of Nepal promulgate the Contribution based social security program through the social security Act. The government have no contribution & no tax exemption for any benefit & returns from the SSF. Except some social insurance the beneficiaries will start to get return as pension only after age of 60. Total contribution will be 31% of basic salary, employee & employer will contribute 11% & 20% respectively per month. Participation on program is mandatory for all private organisation. Grievances, debates & discussions are ongoing, even the beneficiaries are not willing to participate as they have alternate funds like CIT, PF & other Insurance schemes.
The Government of Nepal promulgate the Contribution based social security program through the social security Act. The government have no contribution & no tax exemption for any benefit & returns from the SSF. Except some social insurance the beneficiaries will start to get return as pension only after age of 60. Total contribution will be 31% of basic salary, employee & employer will contribute 11% & 20% respectively per month. Participation on program is mandatory for all private organisation. Grievances, debates & discussions are ongoing, even the beneficiaries are not willing to participate as they have alternate funds like CIT, PF & other Insurance schemes.
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