Bangladesh
Universal Pension Govt forms National Pension Authority
Dhaka, February 14: The government has formed the 'National Pension Authority' to include the people of all levels of the country in the pension structure. This authority has been constituted as per section 4(1) of the Universal Pension Management Act 2023.
The authority was formed on Sunday (February 12). However, the Finance Department of the Ministry of Finance issued a notification in this regard on Monday (February 13). The notification did not say anything in detail about the National Pension Authority. It is only said that this order will be effective immediately.
In order to bring all citizens under the pension scheme, on January 24 this year, the National Parliament passed the 'Universal Pension Management Bill-2023'. Through this, citizens can enjoy lifelong pension benefits after 60 years. Citizens aged 18 to 50 years have to pay the prescribed rate to avail this facility.
Besides, under special consideration, the fifty-year-olds can also enjoy pension benefits by paying contributions for 10 years uninterruptedly under this law. In that case, he will be entitled to pension for life from the age he attains at the end of 10 continuous years of contribution from the date of joining the scheme. Age of pensioner is considered up to 75 years.
Finance Minister AHM Mustafa Kamal proposed the passage of 'Universal Pension Management Bill-2023' in the National Parliament. Earlier, the public opinion on the bill was sent to the committee and the amendment proposals were rejected by voice vote. However, some amendments were accepted.
According to the Pension Act, the contributor will get monthly pension if he has contributed continuously for at least 10 years. The pension will be paid against the deposit along with the accumulated profits in the pension fund on completion of the age of 60 years of the contributor. Bangladeshis working abroad can participate in this program.
The law also states that, in case of low-income citizens or indigent contributors, the government can give a portion of the monthly contribution to the pension fund as a grant.
