The National Audit Office has uncovered that a sum ranging from 1,476.15 million rupees to 2,941.70 million rupees of contributions collected for the Elderly Social Security Fund over the past five years (2018-2022) was invested in fixed deposits instead of being utilized to provide benefits to elderly citizens.
The Elderly Social Security Fund is intended to support the welfare, rights promotion, empowerment, and protection of the elderly population. However, the audit has revealed a diversion of funds into fixed deposits, contrary to the fund’s regulations.
The audit has recommended that investments be made only from the fund’s balance while ensuring that elderly citizens benefit from the contributions.
In response to the audit’s findings, the National Elders General Secretariat explained that the surplus funds were invested in a state bank offering the highest interest rate, with prior approval from the National Assembly. They further stated that the interest income has contributed to strengthening the fund.
