Pension
In Cambodia, the National Social Security Fund (NSSF) provides for retirement pensions for insured employees. There are different provisions for public sector employees and private sector employees, including benefits and contributions.
For public sector employees, the mandatory contributions are paid by the government and employees. The retirement age is 60 years. To be eligible for retirement pension, employees must have be registered in the pension scheme and paid at least 12 months' contributions.
For private sector employees, the contributions are paid by the employees and their employers. The retirement age is 60 and they must have paid contributions for at least 12 months to be eligible for pension. The amount of pension depends on the average wage and accrual rate based on the years of contributions. The maximum accrual rate of old-age pension is equivalent to 1.75% per year of contribution.
Both public and private sector employees can contribute in a voluntary pension scheme.
Dependents/Survivors Benefits
The law in Cambodia provides survivors benefits for dependents, including widows, widowers, and children. Insured employees (both public and private sectors) must have paid at least 60 contributions for their survivors to receive the pension. The minimum rate of Survivors’ Pension is 45% of old-age pensions or invalidity pensions of the person concerned.The pension for survivors is calculated as follows:
- Surviving spouse - 50%
- Children - 50%
In case the beneficiary is only spouse or children shall be entitled to enjoy 100% pension.
If requirements are not fulfilled, the survivors are entitled to the survivors allowance, provided as a lump sum in the amount of not less than the monthly old-age pension of the deceased person.
Invalidity Benefits
In Cambodia, NSSF provides invalidity pension for public and private sector employees. an NSSF member is entitled to invalidity benefit before the age of 60 years and with payment of contribution for 60 months prior to the disability. The maximum accrual rate of old-age pension is equivalent to 1.75% per year of contribution. The minimum rate of invalidity pension is equivalent to 45% percent of the average contributory wage of the person concerned.