Bangladesh
Universal Pension Scheme Universal pension scheme to be introduced in FY23
Own Correspondent, Dhaka, June 10: The government will introduce universal pension scheme in the next financial year, said Finance Minister AHM Mustafa Kamal while presenting the budget proposal for the fiscal year 2022-23 in the Parliament on Thursday.
The Finance Minister said, "In the budget speech for the fiscal year 2019-2020, I had announced the introduction of universal pension system. I am very happy to announce that the government has decided to introduce universal pension system in the next financial year."
In her 2008 election manifesto, Prime Minister Sheikh Hasina had pledged to introduce a universal pension system nationally to ensure old age protection for the elderly under a sustainable and well-organized social security structure. Following this, in 2015, the government proposed to develop a comprehensive integrated participatory pension system in the National Social Security Strategy. It is finally being launched in the next financial year.
The budget of Tk 6,78,064 crore for the fiscal year 2022-23 has been presented in the National Assembly with the theme 'Overcoming the impact of Covid and returning to the continuity of development'.
In the new budget, the target of achieving the growth of gross domestic product (GDP) is being set at 7.5 percent. It is said to keep inflation at 5.6 percent. The size of the proposed budget is Tk 74,383 crore more than the proposed budget for the current 2021-22 fiscal year, and 84,564 crore more than the revised budget. In the new budget, the possible revenue target of the government is going to be 4 lakh 36 thousand 271 crore taka. Without grants, the deficit has been estimated at Tk 2,45,064 crore. The deficit including grants is 2 lakh 41 thousand 793 crore taka.
