JS passes bill to introduce Universal Pension Scheme25 January 2023
The Universal Pension Management Bill, 2023 was passed in the House aimed at bringing the country's growing elderly population under a universal pension scheme.
Finance Minister AHM Mustafa Kamal moved the bill and it was passed by voice vote. As per the Bill,aAll Bangladeshi nationals aged from 18 to 50 years can participate in this pension scheme. The expatriate Bangladeshis are also eligible to the benefits.
The Finance Division has prepared the draft of the bill seeking to bring the growing elderly population under a sustainable social safety net.
This will particularly benefit the elderly population when they become jobless or become afflicted with diseases, paralysis, old age or other similar conditions, or extreme poverty amid high life expectancy rate. As per the draft law, a person will have to provide premium for at least 10 years uninterruptedly to get pension from the age of 60 until the death.
If an elderly person dies before the age 75 years, the nominee will get the pension for the remaining time.
However, the amount of premium will be determined by a rule under the proposed law.
According to the proposed law, there will be a five-member national pension authority headed by a chairman and also a 15-member governing body with the finance minister as its chair.
The government will appoint the chairman and the other four members national pension authority.
Finance Minister will be the chairman of the governing body where the other members will be the Bangladesh Bank governor, finance secretary, financial institutions division secretary, NBR chairman, social welfare secretary, secretary of woman and child affairs ministry, expatriate welfare and overseas employment secretary, labour and employment secretary, post and telecommunication division secretary, PMO secretary, BSEC chairman, FBCCI president, Bangladesh Employers Federation president, BWCCI president and the executive chairman.
The governing body will hold at least three meetings each year.
The main office of the authority will be in Dhaka and its branches can be established in any place of the country taking prior permission.
The inclusion in this pension scheme will be voluntarily unless the government issues any gazette for making it compulsory.
The deposited fee will he treated as investment and will be applicable for tax waiver while the pension will be tax free.