Bangladesh Social Protection Advocacy Network (BSPAN), a coalition of 18 non-government and labour organisations; has congratulated the government for passing ‘The Universal Pension Management Bill, 2023’.
In a press statement issued on Wednesday (January 25), BSPAN President Dr Manzur Kadir Ahmed and Member Secretary Aminur Rashid- Ripon Chowdhury said that the decision of introducing a universal pension scheme is a landmark decision. As a result, the scope of social security in Bangladesh will expand and the quality of the life of vulnerable people of the informal sector will improve, they added.
They said that the BSPAN has been doing policy advocacy for universal social protection since 2017. So, the BAPAN is happy for the final process of enactment of a law to introduce pension for all.
The Universal Pension Management Bill, 2023 was passed in the Parliament on Tuesday (January 24) aimed at bringing the country’s growing elderly population under a universal pension scheme. According to the bill, every citizen at the age of 60 will get pension benefits after monthly deposits from the age between 18 and 50. Expatriate Bangladeshis can also avail pension.
The pension authority will invest the amount deposited to the fund as per a guideline. A governing board will be formed for the scheme under the supervision of the finance ministry.
The governing board members are Bangladesh Bank government, NBR chairman, secretaries of the Financial Institutions Division, social welfare ministry, women and child affairs ministry, post and telecom ministry and the Prime Minister’s Office. Chairman of Bangladesh Securities and Exchange Commission along with the presidents of FBCCI, Bangladesh Employers’ Federation, Bangladesh Women Chamber of Commerce and Industry are also included in the governing board.
In the BSPAN statement, Dr Manzur Kadir and Aminur Rashid called for the inclusion of a representative of from their platform and a representative from labour unions in Bangladesh in the governing board besides government officials and business representatives.