Dhaka: 5:58 PM, Wed, 18 Sep, 2019

Pension scheme for all

Amirul : risingbd.com
Publish on: 2019-06-13 10:13:20 PM     ||     Updated: 2019-06-14 9:09:50 AM

Senior Correspondent: The government has taken an initiative to introduce a pension scheme for all people like the public service holders.

For this, a 'Universal Pension Authority' will be constituted soon for gradual introduction of universal pension for everyone employed in formal and informal sectors of the economy.

Finance Minister AHM Mustafa Kamal came up with the disclosure while placing the proposed national budget for 2019-20 fiscal year in the Jatiya Sangsad on Thursday.

Making no details, Kamal said the government pensioners are only a small fraction of the total population in the country. A universal pension system will be introduced gradually for everyone employed in formal and informal sectors of the economy. For this, a 'Universal Pension Authority' will be constituted soon.

The minister said the process of pension payment through digital method Electronic Fund Transfer (EFT) has started to curb the hassle of pensioners in getting their pension. 

A system has been introduced so that pensioners can automatically get their pension in their bank or mobile account without any physical presence in any accounts office or any bank, he said.

Kamal said the payment of pension in pensioner’s bank account through EFT has already been made to 27,000 pensioners. All pensioners will be brought under this system in the next fiscal year.

He cited that although there is a group insurance system for government employees, in reality it is not insurance. “With the assistance of Jiban Bima Corporation, the existing system will be reformed and converted into an integrated insurance system for bringing all government employees under the insurance coverage.”

Finance Minister AHM Mustafa Kamal today placed a Tk 5,23,190 crore national budget for Fiscal Year (FY) 2019-2020 in parliament which is the 48th budget of the country and first budget of the third successive term of the incumbent government.

The Finance Minister unfolded the 128-page budget with the title ‘Bangladesh on a Pathway to Prosperity: Time is Ours, Time for Bangladesh’ from 3:07 pm. This was the country’s 48th national budget and 20th by the Awami League government in its five terms since the 1971 independence.

The size of this year’s budget is Tk 5,23,190 crore which is the biggest budget in the 48-year history of the country.

The size of the budget is Tk 58,617 crore more than that of the last fiscal presented by his predecessor Abul Maal Abdul Muhith.

Muhith last year presented a Tk 4,64,573 crore budget before he went on retirement by serving as the first finance minister to unfold the budget for the 10 times in a row since 2009.

risingbd/Dhaka/June 13, 2019/Mohammad Naymuddin/AI