Bangladesh
Pension Uniform pension system to be launched within a year: Finance Minister
Dhaka, February 23: The government is going to introduce a universal pension system for Bangladeshi citizens between the ages of 18 and 50. This facility will also be provided for expatriate Bangladeshis living outside Bangladesh. In the beginning this system was kept optional but later it will be made compulsory.
The government will pay the same amount to those who contribute to the fund formed under the pension system.
Finance Minister AHM Mustafa Kamal told reporters after a meeting of the Cabinet Committee on Public Procurement on Wednesday. The finance minister said the government would pay the same amount to those who would contribute to the fund formed under the pension system. It will form a separate authority for management. These authorities will invest pension funds in different places. The return on investment will also be distributed among the pensioners. Before the new system is introduced, laws and regulations will be formulated and a separate authority will be formed.
Asked when the system would be launched, the finance minister said it could be done within the next six months to a year. Before that, legislation and rules will be formulated and a separate authority will be formed.
The finance minister said the world's best practices will be followed to implement universal pension system in the way such countries carry out such activities.
Asked about the amount of money to be deposited every month and the amount of pension to be received, the finance minister said the issues are still in a process. The authorities will fix these. The way in which different countries of the world carry out such activities, the best practices in the world will be followed to implement the universal pension system.
