Phnom Penh: The National Social Security Fund has announced that workers in the private sector will now receive a retirement fund. The NSSF’s Director of Customer Service and Public Relations, Heng Sophannarith, says the new private sector package will work on a co-payment basis.

A national retirement fund for private sector workers has been discussed in Cambodia for some time, and will now come into effect soon. Heng Sophannarith says employees of private sector companies will pay a portion of their salaries into their retirement fund, a contribution which will be matched by their employer. This is a model already in use in dozens of countries around the world.

Employees have access to the funds when they retire at the age of 60. The fund is available to Cambodian nationals and foreigners – provided they are registered with the NSSF. Private enterprises that are registered members of the NSSF, have been told to start preparing for the new retirement fund. Those that are not, must register with the NSSF as soon as possible.