Private sector lauds social security scheme

Kathmandu, Nov. 28. The private sector has welcomed the contribution-based social security scheme announced by the government on Tuesday.

The private sector has praised the scheme stating that it would ensure the future of labourers and investments in the industries and have termed that Nepal has entered into the new stage in labour sector after approving the ‘social security scheme procedure’ 2075 to implement the programme effectively.

During the programme organized at Nepal Academy to announce the scheme and the first social security day, a large number of employers from different enterprises and corporate and employers were present.

With the announcement of the scheme, the workers now would be entitled to life-long pension while the investment in the industries would be ensured thereby increasing the industrial productivity.

President of Federation of Nepalese Chamber of Commerce and Industries (FNCCI) Bhawani Rana said that Nepal has entered into the new age in the field of labour sector.

“The scheme would contribute to increased production along with secured future of the workers,” she said adding that Nepal’s labour market would be dynamic and decent with the implementation of the scheme.

Likewise, Chairman of Confederation of Nepalese Industries (CNI) Haribhakta Sharma said that environment was created to earn wages in the country itself.

Similarly, outgoing chairman of Federation of Nepal Small and Cottage Industries Suresh Pradhan believed that it would ensure better industrial relations by harmonizing the relations between the employees and employers.

Also praising the scheme, Vice-chair of Nepal Chamber of Commerce Kamlesh Agrawal said that it has created a foundation to take the nation towards prosperity.

“The scheme would generate labour market to the potential migrant workers going abroad for lack of funds,” Chairman of Nepal Employer Council Chandra Dhakal said.

Under the pension scheme, the contributors would get lifelong pension after their retirement based on their contribution amount and the return amount received from the fund’s profit.

The total amount contributed by the employees and returns received from the fund’s profit would be calculated and divided by 180 months to give lifelong pension to the workers.

The minimum age of the contributors should be 60 to get the pension and should have contributed at least 15 years.

Likewise, the workers would get social security under the titles of medical treatment, health care and maternity, accident-cased disability, dependent family and senior citizens and some others.