Provident fund for workers to remove economical uncertainty

Provident fund (PF) is one of the main sources of financial support for every working class people after getting retirement. It's a must for future security. The retired person faces no uncertainty after his/her retirement if he/she get an average amount. 

Basically, the government and privet job holders enjoy the provident fund system. But, the general people who do not work in any office including farmers, day labourers, construction workers and others are deprived from the facility. Recently, the government has decided to bring these people under provident fund facility. The government took the decision as the overall economical condition of the country has changed.

According to the media reports, the government is going to launch the scheme for workers of 60 sectors. The labour ministry has already finalised Informal Sector Workers’ Provident Fund Rules-2017 for the scheme aimed at ensuring economic and social security of the workers.

People lose their ability to work after a certain period. Then, he or she needs to take rest after retirement. That’s why the retired persons need an economic security to live their lives happily. But, most of the lower level earners face economical crisis in their old ages. They could not lead normal life. The economic uncertainty will be removed if the decision of the incumbent government implemented.

Bangladesh Labour Welfare Foundation (BLF) will operate the fund to ensure social security of men and women in unofficial sectors. The tenure of the provident fund would be 5, 10, 15, 20 and 25 years. After the certain period the workers will get their money back with interest from workers' portion, foundation portion and savings. Several types of incentives also will be given.

Provident Fund users will enjoy many facilities. If anyone lost their work ability mentally or physically then he/she will get Tk two lakh. Besides, if anyone dies then his/her nominee will get Tk two lakh at a time.

In case of any fatal disease including AIDS, Polio, Arthriti, Influenza, Bronchitis, diabetic or ebola, the fund users will get Tk three lakh. In addition, pregnant women member of the provident fund will Tk 25,000. However, the facility will be valid two times for a single woman.

To avail the facility, the workers have to take a certificate from City Corporation or municipality mayor, councilors or union parishad chairmen. The overall process will be taken place through post offices. In case of absence of post office in any particular area, then workers can open their provident account in Karmasangsthan Bank, Probashi Kallyan Bank, Sanchayi Bank, Palli Sanchay Bank. Worker will get a cash card after opening their accounts.

There is no doubt that it is an epoch-making decision. We welcome the great initiative of the government. If the labourers get the facility during their old ages then the uncertainty and social disparity will be removed.


risingbd/Dhaka/May 4, 2017/Ali Nowsher/Nasim