The National Social Security Fund (NSSF) is the primary social security institution in Cambodia. It was established in 2008 with the aim of providing Occupational Risk insurance to private sector employees. NSSF has since then expanded its scope and coverage. The NSSF currently operates the contributory schemes of Occupational Risk and Health Care for both the public and private sector employees as well as the Pension Scheme for private sector employees.
NSSF also supports the implementation of the health care programme for informal workers, the provision of allowances to female workers at childbirth, and carries out a pilot scheme for the self-employed. In 2022 the NSSF active membership attained 1.4 million workers in the private sector (11,625 enterprises) and 260 thousand workers in the public sector. In the same year the Fund disbursed about 370 billion Riels in benefits and services and collected about 740 billion Riels in contributions. In the upcoming months, the NSSF is also expected to enrich its services range by implementing a new voluntary scheme on healthcare for the dependents of NSSF members and for the self-employed workers.
Given the ongoing development of the Social Security system, in 2019 the RGC promulgated the Law on Social Security. The Law established the NSSF as the sole operator of social security in Cambodia, and according to Article 13 the NSSF is required to study, analyse and conduct the actuarial valuation of each social security scheme. The 2019 Law also defines the establishment of a Social Security Regulator (SSR) which is responsible, among other duties, for monitoring the financial sustainability of the social security funds. This role is better specified in Sub-Decree 160/2022 on Social Security Regulation. Article 5 states that SSR shall assign officers to review and verify the accounting records, financial statements, operational reports and related documents of the social security operators […]. Article 10 that NSSF shall submit the annual financial statements for each of its accounting periods to an independent audit. Articles 14 and 15 that NSSF shall monitor the financial strength of each social security scheme and that NSSF shall provide monthly, quarterly, semi-annual and other reports to the SSR.
Further financial regulations came into place with the adoption of Sub-Decree 44/2023 on Guidelines on Investment of Social Security Funds. Article 6 requires that the NSSF reports to the SSR on “principles of fund management”, including financial reporting. Article 20 that NSSF shall evaluate the assets of social security funds on an annual basis and provide the report to the SSR at the latest before the end of the first quarter of the following year. Also, the SSR may require the NSSF to choose an independent valuation company […] to evaluate the assets of social security funds as necessary.
Since 2019, the NSSF has embarked on a journey of modernization to strengthen the institution’s capacity to deliver services to members in a cost-efficient, client-centric manner, and compliant with the national regulatory environment. Within this process, the NSSF is committed in improving its financial accounting operations and reporting mechanisms. This will enhance the NSSF assessment and evaluation capacities, and will allow an efficient and effective regulatory process.
The ILO supports the NSSF modernization process in the areas of ICT applications, improved business processes, data sharing, performance management and a learning & development framework, as well as in carrying out the first NSSF Actuarial Review. The objective of this support is to improve monitoring of the social security system and to make informed policy decisions based on valid and timely data. This is expected to contribute to the overall accountability and coordination of the social protection system in Cambodia.
OBJECTIVE
Within the context outlined above, the ILO is seeking for an accounting firm recognized to provide accounting and audit services, capable of providing technical assistance to the NSSF Department of Budget, Finance, and Accounting Management in developing the NSSF financial statements presenting required information by international and Cambodian standards, in compliance to Cambodian Financial Reporting Standards (CIFRS) and other requirements from the National Accounting Council (NAC).
EXPECTED TASKS
The service provider is expected to undertake the following tasks, or to propose a better fitting approach:
i. To assess the financial reporting needs with the NSSF Department of Budget, Finance, and Accounting Management, and by analysing the relevant legal and regulatory documents.
ii. To map and evaluate the current NSSF financial reporting process and capacity by analysing the current accounting mechanisms and reports, in cooperation with the relevant Divisions.
iii. To produce, together with the NSSF, a 2023 financial report.
iv. To plan and carry-out capacity development activities aimed at enhancing the technical skills of the relevant Divisions.
v. To support the NSSF in developing a manual of operating procedures and templates for financial reporting for internal use.
vi. To plan and deliver a hands-on training on the internal manual.
EXPECTED DELIVERABLES
APPROACH
The service provider must perform the specified tasks in participatory and collaborative approaches to ensure an increase of NSSF staff’s capacity throughout the assignment and NSSF ownership of the products. The service provider is expected to sit at NSSF office for particular periods agreed/proposed by NSSF.
CONTRACT SUPERVISION
TIMELINE
The work is expected to start in August 2024 and concluded by November 2024.
SUBMISSION OF TECHNICAL AND FINANCIAL PROPOSALS
Interested service providers are invited to submit their technical and financial proposals.
Applicants must email the technical and financial proposals separately to pn2-socpro@ilo.org by August 5th 2024 at 7:00am Phnom Penh time with the subjects “Application: Technical Assistance to the NSSF on financial reporting (technical proposal)” and “Application: Technical Assistance to the NSSF on financial reporting (financial proposal).
The technical proposal should demonstrate the specific experience required, to provide reference of previous related work, as well as the expected workplan. The technical proposal must be in English and include the CVs of all expected team members.
The financial proposal must include expected number of working days and daily and total fees. All financial offers must be established and submitted net of any direct taxes. As an international organization, the ILO is exempt from all taxes and duties.
Proposals will be reviewed and evaluated by an evaluation panel, to determine compliance with the requirements specified in the RFP. A two-stage procedure will be utilized in evaluating the proposals, with evaluation of each technical proposal being completed prior to any financial proposal being opened and compared. Financial proposals will be opened only for submissions that pass the technical evaluation.
Each technical proposal is evaluated on the basis of its responsiveness to the Terms of Reference (TOR).
During the second stage of the evaluation, the financial proposals of all applicants which passed the technical evaluation will be compared.
The proposals will be evaluated according to the criteria described below:
(a) Compliance with Cambodian accreditation requirements for accounting and/or auditing;
(b) Company’s past experience and references for the provision of similar services;
(c) The overall cost.
The process of evaluating the proposals will be based on the following percentage combination of Technical and Financial elements. Technical Proposal 70%; Financial proposals 30%; Total 100%.
AWARD OF THE CONTRACT
The ILO reserves the right to accept or reject any Proposal in whole or in part, to annul the solicitation process and reject all Proposals at any time prior to the issue of the purchase order, without thereby incurring any liability to the affected Bidder(s) or any obligation to provide information on the grounds for the ILO’s decision(s).
The award of the contract arising from this RFP will be made at the absolute discretion of the ILO. The ILO’s
decision to award the contract to a preferred Bidder is final and shall not be questioned by any Bidder.
The Contract or the benefit of the Contract shall not be assigned, sub-contracted or otherwise transferred by the successful Bidder in whole or in part, without ILO’s prior written consent, to be given at its sole discretion.
CORRESPONDENCE
Any communication in connection with this RFP should be addressed in writing to pn2-socpro@ilo.org. All correspondence should quote the RFP title. Bidders are requested not to contact the ILO after the closing time, i.e., during the RFP assessment period.
NSSF also supports the implementation of the health care programme for informal workers, the provision of allowances to female workers at childbirth, and carries out a pilot scheme for the self-employed. In 2022 the NSSF active membership attained 1.4 million workers in the private sector (11,625 enterprises) and 260 thousand workers in the public sector. In the same year the Fund disbursed about 370 billion Riels in benefits and services and collected about 740 billion Riels in contributions. In the upcoming months, the NSSF is also expected to enrich its services range by implementing a new voluntary scheme on healthcare for the dependents of NSSF members and for the self-employed workers.
Given the ongoing development of the Social Security system, in 2019 the RGC promulgated the Law on Social Security. The Law established the NSSF as the sole operator of social security in Cambodia, and according to Article 13 the NSSF is required to study, analyse and conduct the actuarial valuation of each social security scheme. The 2019 Law also defines the establishment of a Social Security Regulator (SSR) which is responsible, among other duties, for monitoring the financial sustainability of the social security funds. This role is better specified in Sub-Decree 160/2022 on Social Security Regulation. Article 5 states that SSR shall assign officers to review and verify the accounting records, financial statements, operational reports and related documents of the social security operators […]. Article 10 that NSSF shall submit the annual financial statements for each of its accounting periods to an independent audit. Articles 14 and 15 that NSSF shall monitor the financial strength of each social security scheme and that NSSF shall provide monthly, quarterly, semi-annual and other reports to the SSR.
Further financial regulations came into place with the adoption of Sub-Decree 44/2023 on Guidelines on Investment of Social Security Funds. Article 6 requires that the NSSF reports to the SSR on “principles of fund management”, including financial reporting. Article 20 that NSSF shall evaluate the assets of social security funds on an annual basis and provide the report to the SSR at the latest before the end of the first quarter of the following year. Also, the SSR may require the NSSF to choose an independent valuation company […] to evaluate the assets of social security funds as necessary.
Since 2019, the NSSF has embarked on a journey of modernization to strengthen the institution’s capacity to deliver services to members in a cost-efficient, client-centric manner, and compliant with the national regulatory environment. Within this process, the NSSF is committed in improving its financial accounting operations and reporting mechanisms. This will enhance the NSSF assessment and evaluation capacities, and will allow an efficient and effective regulatory process.
The ILO supports the NSSF modernization process in the areas of ICT applications, improved business processes, data sharing, performance management and a learning & development framework, as well as in carrying out the first NSSF Actuarial Review. The objective of this support is to improve monitoring of the social security system and to make informed policy decisions based on valid and timely data. This is expected to contribute to the overall accountability and coordination of the social protection system in Cambodia.
OBJECTIVE
Within the context outlined above, the ILO is seeking for an accounting firm recognized to provide accounting and audit services, capable of providing technical assistance to the NSSF Department of Budget, Finance, and Accounting Management in developing the NSSF financial statements presenting required information by international and Cambodian standards, in compliance to Cambodian Financial Reporting Standards (CIFRS) and other requirements from the National Accounting Council (NAC).
EXPECTED TASKS
The service provider is expected to undertake the following tasks, or to propose a better fitting approach:
i. To assess the financial reporting needs with the NSSF Department of Budget, Finance, and Accounting Management, and by analysing the relevant legal and regulatory documents.
ii. To map and evaluate the current NSSF financial reporting process and capacity by analysing the current accounting mechanisms and reports, in cooperation with the relevant Divisions.
iii. To produce, together with the NSSF, a 2023 financial report.
iv. To plan and carry-out capacity development activities aimed at enhancing the technical skills of the relevant Divisions.
v. To support the NSSF in developing a manual of operating procedures and templates for financial reporting for internal use.
vi. To plan and deliver a hands-on training on the internal manual.
EXPECTED DELIVERABLES
- Product 1. Inception report digesting the information collected on the needs and capacity of the NSSF in terms of financial reporting (corresponding to task i and ii),
- Product 2. A Workplan, concerted with NSSF, on the capacity development activities for NSSF (corresponding to task iii, iv, v, vi),
- Product 3. A financial report of the 2023 NSSF operations in compliance to Cambodian Financial Reporting Standards (CIFRS) and other requirements from the National Accounting Council (NAC). (corresponding to task iii).
- Product 4. At least one training activity on internationally accepted accounting principle and standards, including learning by doing exercises (corresponding to task iv).
- Product 5. A manual of operating procedures and templates for financial reporting (corresponding to task v).
- Product 6. At least one training activity on the use of the manual of operating procedures and templates for financial reporting (corresponding to task vi),
- Product 7. Final report and presentation to the ILO on the activities performed, results achieved, and recommendations for further progress.
APPROACH
The service provider must perform the specified tasks in participatory and collaborative approaches to ensure an increase of NSSF staff’s capacity throughout the assignment and NSSF ownership of the products. The service provider is expected to sit at NSSF office for particular periods agreed/proposed by NSSF.
CONTRACT SUPERVISION
- The ILO Social Protection Programme Manager will provide day-to-day supervision of the assignment ensuring the articulation between the consultant and the NSSF.
- The service provider will report to the ILO Social Protection Programme Manager who will sign off on all the deliverable upon satisfaction.
TIMELINE
The work is expected to start in August 2024 and concluded by November 2024.
SUBMISSION OF TECHNICAL AND FINANCIAL PROPOSALS
Interested service providers are invited to submit their technical and financial proposals.
Applicants must email the technical and financial proposals separately to pn2-socpro@ilo.org by August 5th 2024 at 7:00am Phnom Penh time with the subjects “Application: Technical Assistance to the NSSF on financial reporting (technical proposal)” and “Application: Technical Assistance to the NSSF on financial reporting (financial proposal).
The technical proposal should demonstrate the specific experience required, to provide reference of previous related work, as well as the expected workplan. The technical proposal must be in English and include the CVs of all expected team members.
The financial proposal must include expected number of working days and daily and total fees. All financial offers must be established and submitted net of any direct taxes. As an international organization, the ILO is exempt from all taxes and duties.
Proposals will be reviewed and evaluated by an evaluation panel, to determine compliance with the requirements specified in the RFP. A two-stage procedure will be utilized in evaluating the proposals, with evaluation of each technical proposal being completed prior to any financial proposal being opened and compared. Financial proposals will be opened only for submissions that pass the technical evaluation.
Each technical proposal is evaluated on the basis of its responsiveness to the Terms of Reference (TOR).
During the second stage of the evaluation, the financial proposals of all applicants which passed the technical evaluation will be compared.
The proposals will be evaluated according to the criteria described below:
(a) Compliance with Cambodian accreditation requirements for accounting and/or auditing;
(b) Company’s past experience and references for the provision of similar services;
(c) The overall cost.
The process of evaluating the proposals will be based on the following percentage combination of Technical and Financial elements. Technical Proposal 70%; Financial proposals 30%; Total 100%.
AWARD OF THE CONTRACT
The ILO reserves the right to accept or reject any Proposal in whole or in part, to annul the solicitation process and reject all Proposals at any time prior to the issue of the purchase order, without thereby incurring any liability to the affected Bidder(s) or any obligation to provide information on the grounds for the ILO’s decision(s).
The award of the contract arising from this RFP will be made at the absolute discretion of the ILO. The ILO’s
decision to award the contract to a preferred Bidder is final and shall not be questioned by any Bidder.
The Contract or the benefit of the Contract shall not be assigned, sub-contracted or otherwise transferred by the successful Bidder in whole or in part, without ILO’s prior written consent, to be given at its sole discretion.
CORRESPONDENCE
Any communication in connection with this RFP should be addressed in writing to pn2-socpro@ilo.org. All correspondence should quote the RFP title. Bidders are requested not to contact the ILO after the closing time, i.e., during the RFP assessment period.
Moreinfo: https://jobs.ilo.org/go/All-Jobs/2842101
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