Universal pension scheme bill placed in Parliament

A bill aimed at bringing the country’s growing elderly population under a universal pension scheme was introduced in the Parliament on Monday.

Finance Minister AHM Mustafa Kamal placed the Universal Pension Management Bill, 2022 in the House. It was later sent to the respective scrutiny committee for further examination. The committee was asked to submit its report within two months.

All Bangladeshi nationals aged from 18 to 50 years can participate in this pension scheme. The expatriate Bangladeshis are also eligible to the benefits.

The Finance Division has prepared the draft of bill seeking to bring the growing elderly population under a sustainable social safety net. This will particularly benefit the elderly population when they become jobless or become afflicted with diseases, paralysis, old age or other similar conditions, or extreme poverty amid high life expectancy rate.

As per the draft law, a person will have to provide premium for at least 10 years to get pension from the age of 60 until the death.

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

However, the amount of premium will be determined by a rule under the proposed law.