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Private-sector pensions a step closer
Sun, 7 March 2021
Prime Minister Hun Sen issued a sub-decree that grants pension funds for private-sector employees who are lawful under the Labour Law in a bid to reduce poverty among the elderly and alleviate burgeoning financial burdens on the families that take care of them.
The new legislation will be effective once the Ministry of Labour and Vocational Training and the Ministry of Economy and Finance sign off on announcements that supplement and govern the application and implementation of the law, labour ministry spokesman Heng Sour told The Post on March 7.
Comprising 10 chapters and 40 articles, the sub-decree defines a number of mechanisms, conditions, protocols and procedures on contribution payments, accumulation rates, claims and dispersion of benefits.