SSF boasts over 900,000 contributors as it turns six

The contribution-based Social Security Fund (SSF) has managed to enroll over 900,000 contributors and more than 18,000 employers in its four years of operation.

The SSF was established on 27 Nov 2018 as per the Contribution- based Social Security Act, 2018, and it operates as per the Contribution-based Social Security Operation Guidelines, 2018. The fund began enrolling contributors and employers from the first day of the fiscal year 2019/20.

Although the SSF had set a target of enrolling 30,000 employers by 2022/23, it only reached 19,439. Likewise, it had set a target of enrolling 500,000 contributors by 2022/23, but it easily surpassed this goal. It has enrolled 928,493 contributors so far.

The number of contributors started increasing after the government made it mandatory for foreign migrant workers to enroll with SSF. So far, the fund has enrolled 466,622 migrant workers. About 90 percent of the migrant workers are contributing regularly to the SSF.

The SSF has mobilized Rs 44.85bn from the contributors, with most of them subscribing to the Old Age Protection Plan of the SSF. According to the fund, it has raised Rs 37.35bn alone from contributors subscribing to the Old Age Protection Plan.

Other schemes offered by the SSF include the Medicine, Health and Maternity Protection Plan; Accident and Disability Safety Plan; and Dependent Family Protection Plan. The SSF has collected Rs 1.29bn from contributors subscribing to the Medicine, Health and Maternity Protection Plan; Rs 2.48bn from the Accident and Disability Safety Plan; and Rs 2.48bn from the Dependent Family Protection Plan. Likewise, it has collected Rs 1.53bn from additional plans. The SSF has earned an income of Rs 2.17bn in the four-year period.

Meanwhile, the SSF has distributed Rs 6.44bn in claims to 219,849 contributors in the four-year period. Likewise, it has disbursed Rs 1.75bn as loans to contributors. According to the SSF, it has disbursed Rs 1.72bn worth of ‘Special Loans’ to 9,744 contributors, Rs 28.9m worth of home loans to 17 contributors, and Rs 2.36m worth of education loans to three contributors.

Contributors who have been contributing funds to the SSF for a minimum of 36 months are eligible for the loans.