Social Security Fund disburses Rs 5 bn in claims, benefiting thousands

KATHMANDU: The Social Security Fund (SSF) in Nepal has achieved a significant milestone by distributing nearly Rs 5 billion in claims to contributors under its comprehensive Social Security Scheme. The fund has successfully disbursed Rs 4.79 billion to contributors, providing them with financial assistance through various security schemes.

The SSF operates a wide range of schemes designed to ensure the well-being and security of workers. These include the medical, health, maternity, accident and disability, dependent family, and old age security schemes.

Remarkably, a total of 84,673 contributors have already availed benefits from the fund across these diverse schemes.

Under the medical, health, and maternity scheme, an impressive sum of Rs 554.4 million has been distributed to beneficiaries. For the accident and disability security scheme, the SSF has disbursed Rs 174.9 million to those who have faced such unfortunate circumstances.

Furthermore, the dependent family security scheme has provided financial support totaling Rs 796.7 million to eligible recipients.

The old age security scheme, catering to the needs of elderly individuals, has witnessed disbursements amounting to a substantial Rs 4.9 billion. These figures reflect the payments made by the fund to ensure the well-being of its contributors.

To date, the SSF has successfully collected a significant amount of Rs 35.10 billion. It is worth noting that the fund includes contributions from workers in both the formal sector and foreign sectors.

In a positive development, the process of incorporating informal and self-employed workers into the social security scheme is currently in its final stages, emphasizing the inclusive nature of the program.

As of now, the SSF has registered a total of 17,964 employers and 592,924 workers, a testament to the wide reach and impact of the scheme.

The government introduced the Social Security Scheme on November 27, 2018, with the aim of providing comprehensive social security coverage to workers across various sectors.

The remarkable progress made by the Social Security Fund in distributing substantial funds to contributors underscores the importance of such schemes in safeguarding the financial well-being of individuals and their families.

The SSF’s commitment to expanding coverage and reaching workers from diverse sectors is commendable, as it ensures a more secure and inclusive future for the workforce of Nepal.