Pension scheme set for launch

Ven Rathavong / Khmer Times No Comments Share:
Officials discuss the pension scheme at a meeting in Phnom Penh. KT/Chor Sokunthea

A pension scheme for people working in the private sector will be launched later this year, according to an official from the National Social Security Fund.
Speaking at a training course on actuarial reviews of Cambodia’s pension system yesterday, NSSF president Ouk Samvichea said the scheme was created to protect workers in the private sector when they retire.
“This scheme will reassure the labor force  about their future even though they are working in the private sector,” he said.
“The NSSF plans to process the pension scheme soon for the private sector. To date they have never had one.”
Mr. Samvichea added that to ensure confidence among participants in the scheme, the NSSF has studied and researched regulations, technical issues and the sustainability of finances which will be acceptable to employers and employees.
He pointed out that both sides would contribute payments to the pension scheme.
Mr. Samvichea and NSSF spokesman Cheav Bunrith could not say exactly when the pension scheme would be launched, but Mr. Bunrith said it would happen later this year or early next year.  
Labor Ministry spokesman Heng Sour said his ministry and the International Labor Organization were in talks about the pension scheme, which he hopes will wrap up by October.
Besides offering health insurance and employment injury schemes to garment workers and other employees, the NSSF is expanding its coverage by offering health insurance to public servants across the kingdom.
They will receive insurance that covers emergency treatment, pre- and post-natal care, illness consultation and many other services.
Pav Sina, the president of the Collective Union of Movement of Workers, said he supported the pension plan. However, he called on the Labor Ministry and NSSF to open discussions with union members so they fully understand it.
“A positive is that when workers retire, they will get money to support their livelihoods and other expenses,” he said, adding that he did not clearly understand how much workers would have to contribute and what benefits they would receive.

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