Experts for universal pension scheme for private sector employees

As most employed people in the country belong to the private sector, the government needs to launch a universal pension system for it.

The need for more investment and employment is becoming more felt as the country’s total economic output is growing.

Experts and stakeholders came up with the remarks at the webinar “Private sector employment amid Covid-19: Expectations from budget FY22” organised by Bangladesh Private Employees Forum (BPEF), a non-profit and non-political organisation, Saturday.

BPEF convener Rafikul Islam delivered welcome speech while journalist Muhammad Al-Amin Abir moderated the function and BPEF Joint Convener and Assistant Registrar (PR) of Bangladesh University of Business and Technology (BUBT) Jisan Al Jubair gave vote of thanks at the end of the webinar.

Dhaka Chamber of Commerce and Industry President Rizwan Rahman said: “The finance minister had proposed a voluntary pension system. However, the implementation of the system will require formulation of law.”

Socialist Workers Front President Razequzzaman Ratan said, “The private sector employees bore most of the brunt of the Covid crisis. We need to think about them in the budget. All the working people need to be added to the database.”

Dr Mohammed Abu Eusuf, executive director of Research and Policy Integration for Development, underscored the need for a proper database to meet all problems posed by the Covid-19 pandemic. “Due to the lack of updated data on employment, the issue does not get much attention,” he said. 

Policy Research Institute of Bangladesh Executive Director Dr Ahsan H Mansur said, “We do not have accurate statistics on private sector employment. A survey is conducted every few years here, which is done every week in the US. Our per capita income is $2,200 but we are getting poorer.”

“Health, social safety net and employment issues should get priority in the upcoming budget. A big pension fund should be created for the private sector employees.”

Policy Exchange of Bangladesh Chairman Dr Mashroor Riaz said, “About 24.8 million people have lost their jobs since last year, which is 17% of total work hours. And all of them are from the private sector. The incentives that the government had given earlier had no employment benefits. Such benefits can be added to this year's budget. The government has to give another incentive package, whatever the name may be.”