Recently there is much hype about the Social Security Fund (SSF). It increased with SSF forcing bank and financial institutions (BFIS) to come under it, and BFIs protesting against it.
Here are 20 Lifelines of SSF as stated by one of the Social Campaigner.
Life line of Social Security Fund (SSF) is Tax paid earning of Rs.
2,520,000 in one hand at the time of retirement Vs. Rs. 15,750.00 per month
pension under SSF for survival assuming your 30 years’ service having salary
Income of Rs. 35,000 per month i.e. time value of money and opportunity income
from retirement amount for economic growth
2. Contribution in SSF Vs. Payment of Insurance Premium/ health Insurance scheme of Government for medical/ accidental security of contributors
3. SSF Pension scheme Vs. Production and Consumption cycle, Social obligations like construction/ purchase of residential house, purchase of plot of land/ vehicle, higher education of children, repayment of loan, medical treatment, business startup, entrepreneurship creation for next generation, marriage of son/ daughter and etc.
4. Security from Bank Deposits Vs Security from SSF for social security
5. Productive retirement life Vs. survival retirement life with SSF pension for Gross Domestic Production (GDP)
6. Respected enjoy full life Vs. survival life with limited SSF pension after retirement
7. Senior citizens allowance Vs. SSF pension for political vote bank
8. Benefits of PF/CIT contribution Vs. SSF contribution for social prosperity
9. Social Security form Social Education Vs Social Security from SSF
10. Impact of SSF scheme in Stock/ Bond Market for economic growth
11. Social culture Vs. SSF scheme for social well being
12. Social benefits from SSF Vs. Social disturbance for economy
13. Tax paid earning is right (i.e. Movable Assets) of contributor Vs. facility of contributor under SSF under article 25 of Constitution
14. Future of Economy under SSF vs. Future of SMEs/ SMPs for professional world
15. Additional tax liability Vs. SSF pension for financial growth of contributor
16. Demand of Labor Vs. supply of SSF pensioner for National production
17. Socialistic economy with SSF Vs Capitalistic economy for social security
18. Corporate protest on SSF Vs. saliency of all political parties for economic growth
19. Financial position of PF/CIT Vs. SSF on going concern basis
20. Contribution based SSF Act, 2074 Vs. Social Security Act, 2075 for political vote bank
Happy to see socio-economically prosperous and peaceful Nepal!
Writer is a Social Campaigner.