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Universal pension scheme

Bill returns to the House after scrutiny

Published : 08 Jan 2023 10:14 PM | Updated : 09 Jan 2023 01:56 PM

The Parliamentary Standing Committee on Finance Ministry on Sunday placed its report on a bill that seeks to introduce a universal pension scheme focusing particularly on the country’s elderly population. Universal Pension Management Bill, 2022 was placed in the House by Finance Minister AHM Mustafa Kamal on August 29.  It was then sent to the parliamentary watchdog on the finance ministry for further examination.

The bill says all Bangladeshi nationals aged from 18 to 50 years can participate in this pension scheme. The expatriate Bangladeshis are also eligible to get the benefits.

The Finance Division prepared the draft of the bill seeking to bring the growing elderly population under a sustainable social safety net.

This will particularly benefit the elderly population when they become jobless or become afflicted with diseases, paralysis, old age or other similar conditions, or extreme poverty amid high life expectancy rate, according to the bill’s statement.

It says a person will have to provide premium for at least 10 years to get pension from the age of 60 until the death.

If an elderly person dies before the age of 75 years, the nominee will get the pension for the remaining time.

However, the amount of premium will be determined by a rule under the proposed law.

According to the proposed law, there will be a five-member national pension authority headed by a chairman and also a 15-member governing body with the finance minister as its chair.

The government will appoint the chairman and the other four members.

Finance Minister will be the chairman of the governing body where the other members will be the Bangladesh Bank governor, finance secretary, financial institutions division secretary, NBR chairman, social welfare secretary, secretary of woman and child affairs ministry, expatriate welfare and overseas employment secretary, labour and employment secretary, post and telecommunication division secretary, PMO secretary, BSEC chairman, FBCCI president, Bangladesh Employers Federation president, BWCCI president and the executive chairman.

The governing body will hold at least three meetings each year.

The main office of the authority will be in Dhaka and its branches can be established in any place of the country taking prior permission.

The inclusion in this pension scheme will be voluntarily unless the government issues any gazette for making it compulsory.

Committee chairman Abul Hasan Mahmud Ali placed the report.

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