Universal pension scheme for all above 60

A timely step indeed

Published : 24 Feb 2022 08:04 PM

We highly appreciate the government’s move to enact a universal pension scheme law for the people aged above 60 working in public, private, and all sorts of informal sectors. As part of implementing the electoral pledges, Prime Minister Sheikh Hasina has already directed   authorities concerned to frame a universal pension scheme for these people immediately. She also asked to set up an authority over the universal pension scheme, directing the finance division to frame a new law on urgent basis in this regard.

Sheikh Hasina in her election manifesto in 2008 had pledged to formulate a universal pension scheme to bring the elderly people under a sustainable and well-organised social safety structure. We think introduction of universal pension scheme is a brainchild of Sheikh Hasina.

Based on the NID cards, anyone aged between 18-50 years would be able to open up their pension accounts while the system would be initially optional which would later turn as mandatory. If anyone gives monthly subscription fee of Taka 1,000 having a 10 percent interest rate and 8 percent gratuity and subsequently starts giving fee from 18 years till 60 years, then he or she would get monthly pension of Taka 64,776 until 80 years. On the other hand, if anyone starts giving fee from 30 years and continue it till 60 years, then he or she would get monthly pension of Taka 18,908.

We believe country’s aged people

 would be benefitted from this

pension scheme as it will ensure their

 financial security and safety after retirement

We believe country’s aged people would be benefitted from this pension scheme as it will ensure their financial security and safety after retirement and thus ensuring their better livelihood. Besides, it will play a very effective role during the retirement period of the citizens. 

The universal pension scheme is very much necessary considering the increase in life expectancy, growing dependency ratio and ensuring security of the aged people. An individual would be eligible to get monthly pension after submitting subscription fees on a continuous basis for at least 10 years while there would be a separate pension account for the citizens of the country so that their pension accounts remain unchanged despite changing their jobs. On completion of the stipulated timeframe of getting pension (60 years), the beneficiaries will get pension at a fixed rate against their deposits with cumulative dividends while the pensioners would be able to avail such facility until death.

Old age starts after sixty years of age. Apart from pain, physical suffering, complications, helplessness and loneliness, many elderly country’s elderly people also face serious financial hardship in their final phase of lives. We witnessed many elderly parents were left by their children. Besides, many families do not take care of elderly people, who become dependent. Therefore, when the universal pension scheme will be opened, our senior citizens will have no need to depend on other for financial supports and they will get better life and livelihood.