Universal Pension: Kamal implements initiative taken by Muhith

Former finance minister Abul Maal Abdul Muhith took the initiative to introduce ‘Universal Pension Scheme’ in Bangladesh. In the budget speech of the fiscal year 2016-2017, he shared his plans for the scheme. He spoke to journalists about the matter. However, he could not see the implementation of the universal pension throughout his life.

Incumbent Finance Minister AHM Mustafa Kamal implemented that initiative taken by Muhith.

Muhith used to talk frankly. He did not hesitate to tell the truth. During the view exchange meeting with the journalists, he said, “I faced various legal complications when I was withdrawing my pension after the end of my government service. Of course, I earlier knew about various types of sufferings related to the withdrawal of pension. I myself witnessed it while withdrawing pension. From that time, my plan was to make the pension system out of suffering if I ever got the chance.”

He said, “I have talked to the Prime Minister about the matter. He gave permission to work on it. Hopefully, I can say something about this in the next budget. However, the process is very lengthy. It will take some time for the implementation. During my tenure, I will take the initiative to enact a universal pension law.”

In the 2016-2017 budget speech, the former finance minister said, the risk of senior citizens becoming financially and socially insecure in the future is increasing. That’s why the government is going to take the initiative to bring radical changes in the pension system. Only 5 percent of the country’s working population, mostly government job holders, now receive pension benefits. Out of the remaining 95 percent, about 8 percent get gratuity benefits while others do not.

Since the announcement by Abul Maal Abdul Muhith, Prime Minister Sheikh Hasina formally inaugurated the much-talked about universal pension scheme on August 17 (Thursday) after going through various stages. The initiative taken by the late Finance Minister Abul Maal Abdul Muhith was implemented by the present Finance Minister AHM Mustafa Kamal.

The much-talked-about ‘Universal Pension Scheme’ was launched to bring all the people of the country aged above 18 under the scheme.

She initially opened the pension scheme — Pragati, Surokkha, Samata and Prabashi.

The Pragati scheme will be applicable for private job holders, the Surokkha for self-employed persons, the Samata for low-income people and the Prabashi scheme for expatriate Bangladeshis.

The main target of the universal pension scheme is to bring all the people of the country aged above 18 under its coverage and they will enjoy a lifetime pension facility after being their age 60.

The age limit for pension scheme was initially fixed at 50 years which was later revised. The people above 50 years also can enjoy pension facility after paying instalments for 10 consecutive years.

After launching the scheme, the premier said: “We opened the Universal Pension Scheme in the Month of Mourning. Initially four schemes out of six were inaugurated today as two other schemes will be launched later.”

Sheikh Hasina has sought blessings from the people as she can accomplish her father Bangabandhu Sheikh Mujibur Rahman’s incomplete tasks aimed at making the life of each people of the country meaningful.

The premier reiterated her pledge to work in continuing Bangladesh’s indomitable march towards a developed and prosperous country keeping the status of a developing nation to build a hunger and poverty free “Sonar Bangla” as envisioned by the Father of the Nation.

Sheikh Hasina thanked all concerned, particularly former finance minister Abul Maal Abdul Muhith and the incumbent finance minister to work for introducing the universal pension scheme.

Sheikh Hasina, also the Awami League President, said they had earlier opened a pension scheme forming Awami Foundation to provide protection to her party’s leaders and activists as they were inhumanly tortured, killed and disappeared during the regimes of Zia, Ershad, and Khaleda.