Canadia Bank agrees to manage pensions
THE National Social Security Fund for Civil Servants agreed yesterday to cooperate with Canadia Bank in donation a retirement fund and social security fund to civil servants.
The covenant was signed in Phnom Penh.
The new NSSFCS fund aims to manage and insure a social security fund for when a civil servant retires or becomes handicapped, pregnant, or is involved in an accident at work ensuing in disability or death, according to Chou Ratanak, the boss for the Fund, speaking at Canadia Tower.
“We will be donation the social security fund to them in order to reduce their difficulties while living with certain conditions,” he said.
The fund is to be tested initially in Phnom Penh, and will be available through the bank as a standalone bank account with its own ATM card, he said, and added that having the account accessible through the bank would allow the right assets to get to the end-user in a timely manner.
“Moreover, they can save their money through the fund, which will also have an interest rate with Canadia Bank,” Chou Ratanak said.
The NSSFCS is also looking for a way to make it simpler to provide health insurance, possibly in conjunction with a bank, in a partnership similar to the covenant signed with Canadia.
“NSSFCS is looking at issuing a sub-decree on health insurance social security for civil servants,” he said.
Source: The Phnom Penh Post