Contribution Payments for Pensions to Start
On 28 June 2022, the Finance and Labour Ministries issued Inter-ministerial Declaration (Joint-Prakas) No. 165/22 setting the date of 1 July for implementation of the pension schemes under Sub-Decree No. 32.
We expect the Labour Ministry to now issue further implementing regulations (Prakas) defining the modalities, calculations, contribution frequencies and procedures for companies to begin contributing to pensions.
As previously explained in our client alert, the total contribution sum to be paid to the National Social Security Fund (“NSSF”) will amount to 4% of the gross salary of which employers and employees are to contribute half each.
NSSF spokesperson, Mr. Heng Sophan Narith, has also recently clarified in a news piece (https://btv.com.kh/article/13163) that between July and October the NSSF will be preparing the forms required for filing contributions and holding dissemination seminars throughout the country.
We will provide further updates as and when they are announced by the Government.
This alert is for general information only and is not a substitute for legal advice.