Universal pension bill placed in JS

A bill was placed in the Jatiya Sangsad yesterday, aiming to include citizens aged between 18 and 50 in a pension scheme.

The Universal Pension Management Bill, 2022, was sent to the relevant parliamentary committee for scrutiny after Finance Minister AHM Mustafa Kamal placed it in the House.

The committee was asked to submit a report within two months.

Jatiya Party lawmaker Fakhrul Islam opposed the bill, saying the proposed law is aimed at doing business.

In response, the finance minister said the members of the Parliamentary Standing Committee on Finance Ministry would hold discussions on the bill during scrutiny.

"I promise you that the bill will be finalised after taking into account opinions of the lawmakers," added Kamal.

The Finance Division prepared the draft of the bill, which seeks to provide financial security to the growing elderly population in case of unemployment, disease, paralysis or penury.

According to the bill, expatriate Bangladeshis can also avail themselves of the benefit. They can get registered under the scheme.

The inclusion in this pension scheme will be voluntary unless the government issues a gazette for making it compulsory.

A person will have to pay premiums for at least 10 years to get pension from the age of 60 until death. The amount of premium will be determined by a rule under the proposed law.

If an elderly person dies before the age of 75, the nominee will get the pension for the remaining period.

There will be a five-member national pension authority, headed by a chairman. The government will appoint the chairman and the other four members.

As per the bill, there will also be a 15-member governing body with the finance minister as its chair. It will include, among others, the Bangladesh Bank governor, the finance secretary, the National Board of Revenue chairman and the Bangladesh Employers' Federation president.

The governing body will hold at least three meetings every year.