Canadia Bank agrees to manage pensions

THE National Social Security Fund for Civil Servants agreed yesterday to cooperate with Canadia Bank in offering a pension and social security fund to civil servants.

The agreement 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 resulting in disability or death, according to Chou Ratanak, the director for the Fund, speaking at Canadia Tower.

“We will be offering 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 correct funds 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 easier to provide health insurance, possibly in conjunction with a bank, in a partnership similar to the agreement signed with Canadia.

“NSSFCS is looking at issuing a sub-decree on health insurance social security for civil servants,” he said.

(source from phnompenh post news,Friday, 09 July 2010 15:01 Soeun Say)