3.8 million Nepalis receive Social Security allowance

KATHMANDU: The number of Nepalis joining Social Security has been increasing lately.

According to the Economic Survey for the fiscal year 2080/081 (2024/025) presented by Finance Minister Barshman Pun, the number of citizens receiving social security allowance has increased by 5.5 percent in the last year.

As of February 2024, the number has reached 3.8 million.

Last year, the number of Nepalese who joined social security was 3.7 million.

The number of senior citizens above 70 years is 1.62 million.

Among those joining the Social Security are 158,261 Dalits above 60 years, 198,270 single female senior citizens above 60 years, 576,553 single women, 66,452 persons with complete disabilities, 142,185 persons with severe disabilities, 761,093 children of designated areas, among others.

Every year, the amount of money that the state spends on social security benefits is increasing.

In the current fiscal year, the federal government allocated Rs 2.98 billion for Social Security.

The amount allocated by the government for Social Security is 14.78 percent of the total budget, 22.67 percent of the current budget, and 5.54 percent of the gross domestic product.

Ten years ago, in the financial year 2070/071 BS, only 8.17 percent of the total budget was spent on social security.