At present government employees get pension benefits after retirement. The issue of introducing pension for all was the election promise of Awami League
The Parliamentary Standing Committee related to the Ministry of Finance has submitted a report to the National Parliament after examining the “Universal Pension Management Bill-2022”.
On Sunday (January 8), the chairman of the committee Abul Hasan Mahmud Ali presented the report to the parliament recommending the passage of the bill.
Earlier, Finance Minister AHM Mustafa Kamal raised the “Universal Pension Management Bill-2022” in the National Parliament on August 29.
The government is creating this legal framework to bring all the citizens of the country under the pension system except the government employees.
At present government employees get pension benefits after retirement. The issue of introducing pension for all was the election promise of Awami League.
The bill states that all Bangladeshi citizens from the age of 18 years and above to the age of 50 years can participate under the universal pension based on the national identity card. Special consideration has been given in the bill to cover people above fifty.
However, to get the monthly pension benefits, the contributor must contribute continuously for at least 10 years after joining the public pension scheme. Bangladeshi workers working abroad can also participate in it.
The rate of subscription has not yet been determined. It will be determined by the concerned authority after the law is passed.
According to the draft law, the contributor will get monthly pension if he contributes 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. A pensioner will get pension benefits for life.