Social security fund is the protection that a society provides to individuals to ensure access to health care and to guarantee income security, particularly in case of old age, unemployment, sickness, invalidity, work injury, maternity etc. It is a tripartite consensus between the government, the employers and employees and is intended to provide benefits to the employees in the form of social security during the employment and post retirement of the employees. The Social Security Regulations has been published on November 19, 2018 (Mangsir 03, 2075) with immediate effect.
2. Enrollment By Employer and Employees
The Enrollment Notice does not specify the sector or nature of industry, business, service or transaction subject to the enrollment with SSF. Therefore, all employers are required to be registered with the SSF. Upon enrollment of employers they are required to enroll their employees with the SSF within 3 months after registration of the employers.
3. Social Security Schemes
The Social Security Fund has introduced the following Social Security
(a) Medical Treatment, Health and Maternity Protection Scheme
(b) Accident and Disability Protection Scheme
(c) Dependent Family Protection Scheme and,
(d) Old Age Protection Scheme
The Employer and the Employees are required to contribute certain amount of the employee’s basic salary each month to the social security fund. The rate of contribution is as follows:
|Contributor||Amount (Basic Salary)|
The total amount of contribution made by the Employer and Employee will be allocated to the different schemes as follows:
S.N. Social Security Schemes Employer Employee 1. Providend Fund as per Labour Act, 2074 10% 10% 2. Gratuity as per Labour Act, 2074 8.33% - 3. Medical Treatment, Health and Maternity Protection Scheme - 1% 4. Accident and Disability Protection Scheme 1.40% - 5. Dependent Family Protection Scheme 0.27% - Total 20% 11%