Rapid economic growth, declining fertility and changes in family structures have encouraged the Kingdom of Cambodia to reform its old‐age pension system. The Government of Cambodia reached an important milestone in 2019, when the Law on Social Security was promulgated. The Law includes provisions for a compulsory defined benefit pension scheme, establishing a sound framework for extending compulsory pension coverage beyond the public sector to formal private‐sector workers. As a future step, the compulsory pension scheme should be extended to informal workers. To accompany the reform, the investment policy for the pension scheme’s reserve funds, including the supervisory regime and investment strategy, will be essential for the modernization of the Cambodian social security system. In this regard, Cambodia has successfully sought policy advice. However, the country should continue to seek further advice, and to act on this. Otherwise, the necessary and increasingly pressing policy ambitions of Cambodia to develop an adequate and sustainable social protection system may not be fully realized.

中文翻译：

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扩大柬埔寨的养老金覆盖面：社会保障投资基金的治理和投资挑战

经济的快速增长，生育率的下降和家庭结构的变化鼓励了柬埔寨王国改革其养老金制度。柬埔寨政府在2019年颁布了《社会保障法》时达到了一个重要的里程碑。该法包括一项强制性设定受益养老金计划的规定，建立了将强制性养老金覆盖范围从公共部门扩展到正规私营部门工人的良好框架。作为未来的步骤，强制性养老金计划应扩展到非正规工人。为配合改革，养老金计划储备金的投资政策，包括监督制度和投资战略，对于柬埔寨社会保障体系的现代化至关重要。在这方面，柬埔寨成功地寻求了政策建议。但是，该国应继续寻求进一步的建议，并就此采取行动。否则，柬埔寨发展适当和可持续的社会保护体系的必要和日益紧迫的政策野心可能无法得到充分实现。