Bangladesh
Universal Pension Scheme Universal pension management bill placed in National Parliament
Own Correspondent, Dhaka, August 30: The 'Universal Pension Management Bill-2022' to bring all the citizens of the country under pension benefits has come up in Parliament for approval.
On Monday (August 29) afternoon, Finance Minister AHM Mustafa Kamal presented the bill in the Parliament session presided over by Speaker Dr. Shirin Sharmin Chowdhury. Later it was sent to the Parliamentary Standing Committee on Finance Ministry to give a report to the Parliament after examining it.
According to the draft bill, the participating contributor to the universal pension scheme will be paid a monthly pension for a fixed period of time on the condition that the contributor contributes continuously at the fixed rate for life on attaining the age of 60 years or on the death of the contributor while in pension.
The Bill provides for the establishment of a National Pension Authority to carry out the objectives of the Act. This authority will have an executive chairman and four members. The government will appoint them. The bill also states that this authority can take loans in its own name with the approval of the government.
The draft law leaves provision for a 16-member board of directors. Finance Minister will be its chairman.
Besides, Bangladesh Bank Governor, Financial Institutions Department Secretary, Finance Department Secretary, NBR Chairman, Social Welfare Ministry Secretary, Women and Child Affairs Ministry Secretary, Expatriate Welfare Ministry Secretary, Labor and Employment Ministry Secretary, Post and Telecommunication Department Secretary, Prime Minister's Office Secretary, Bangladesh Securit,y and Exchange Commission (BSEC) Chairman, Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) President, Employers Federation President, Women Chambers of Commerce President will be its members.
The member secretary of the board of directors will be the executive chairman of the authority.
According to the bill, all Bangladeshi citizens between the age of 18 years and above and 50 years of age can participate in the universal pension scheme. Provision has been made to keep fifty-year-olds under special consideration. But in that case, one has to pay an uninterrupted 10-year premium.
At present, only government employees get pension in the country, but the election manifesto of Awami League promised to bring everyone including private employees under pension. Following this, the draft law was prepared on the instructions of Prime Minister Sheikh Hasina.
