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Cambodia: Employers association calls for delay of implementing pension scheme under newly drafted Social Security Law

Author: Kunthear Mom, Khmer Times, Published on: 18 November 2019

"GMAC calls for delay of incoming pension scheme", 18 November 2019

The Garment Manufacturers Association in Cambodia has urged the government to delay implementing a pension scheme included in the current draft law on social security to reduce the financial burden on employers.

The government is aiming to have the Social Security Law passed next year. It currently contains 11 chapters and 107 articles.

The Council of Ministers’ previously said the purpose of having a social security fund law in Cambodia is to ensure economic and social stability for people and improve their welfare and standard of living...

GMAC said in a statement ... that even though it supports the drafting of the Social Security Law, employers would be financially burdened if they had to also pay for pensions.

“Under the structure of the new law, the employers would be pleased to see the implementation of pensions be delayed,” it said.

GMAC said employers are concerned about the financial burden because “some companies have already planned their budget for next year and many of them are still not aware of the coming implementation of the pension scheme”...

It said NSSF should first invest in upgrading facilities, technologies and strengthening the capabilities of workers.

“Start by widely promoting awareness about NSSF’s coverage and its benefits to the public in order to encourage the informal sector to participate in the scheme, especially the pension scheme,” GMAC said.

Ouk Samvithya, director of the National Social Security Fund, ... said the establishment of a social security pension scheme is aimed at protecting citizens’ finances by providing a decent income...

Read the full post here

Related companies: Garment Manufacturers Association in Cambodia