Kathmandu. The Office of the Auditor General has pointed out serious problems and challenges in the operation of the Social Security Fund established with the objective of running yoga-based social security programs for the organized sector.
According to the 62nd report of the Auditor General, although the source of income of the fund is drying up, the size of the expenditure is increasing. The last two financial years (2079. 80 to 2080. It has a net operating income of Rs 6.07 billion and an expenditure of Rs 307.43 billion.
Although the fund’s income is declining, the auditor general’s report has suggested identifying areas of income growth as well as maintaining austerity in expenditure as the expenditure is increasing.
Although the source of income dried up, the size of expenses increased
Spending more than income on medicare health and maternal protection plans
Uninsurance of obligations for social security programs
Funds failed to benefit by diversifying investment
Pending loan of Rs 90.6 million taken from the government
117.282 million rupees different in saapati calculation
Rs 56.15 million has been spent on medicare health and maternal protection scheme.
Section 61 of the Contribution-Based Social Security Act, 2074 provides that the Fund can provide insurance or reinsurance to bear the risk of liability for the social security program run by the Fund, but the Fund has not insured or re-insured.
The fund for the fiscal year 2080. Similarly, rs 627.93 million has been paid through medical treatment, health and maternity protection scheme, Rs 64.61 million under accident and disabled protection scheme, Rs 68.89 million under dependent family protection scheme and Rs 3.97 billion under old age protection scheme.
In the last fiscal year, the fund received Rs 1.18 billion from the National Welfare Fund and Rs 1.45 billion in internal income.
Out of the total assets of the fund, 2079. 70.64 percent in 80 and 2080. Of these, 85.58 percent has been kept in fixed deposits in banks and financial institutions. The fund has not been able to diversify the investment and benefit from it.
A loan of Rs 250 million has been taken from the Government of Nepal for the operation of the fund. It seems that rs 90.6 million is yet to be paid.
The Auditor General has suggested to settle the accounts as there is a difference of Rs 117.28 million in the software used by the Fund for effective debt management and the fin cloud system.
