Universal pension management bill in the parliament

 A plan that would provide a universal pension scheme for the nation's burgeoning older population was introduced to the parliament on Monday. Finance Minister AHM Mustafa Kamal introduced the concerned Universal Pension Management Bill 2022. 

The document was then forwarded to the appropriate review board for additional analysis. According to UNB's report,  the committee was allowed a two-month deadline to generate its findings and submit the report.

This pension programme is open to all Bangladeshi citizens between the ages of 18 and 50. The benefits are available to Bangladeshis living abroad as well.

The Department of Finance has drafted legislation to include the expanding senior population in a financially stable social safety net.

This will greatly benefit the elderly 
when they are unemployed, plagued with diseases, paralysis, old age, or other comparable problems, or living in extreme poverty despite having a high life expectancy.

The proposed legislation stipulates that in order to receive the pension beginning at age 60 and continuing until death, the contributor must make premium payments for at least 10 years.

If a senior citizen passes away before reaching 75, his or her designated beneficiary will receive the pension payments for the remaining years.

However, the proposed law specifies that the premium amount will be established by regulation.

The proposed legislation establishes a 15-member governing council headed by the finance minister and a 5-member national pension authority headed by the chairman.

The government is responsible for selecting the five-person panel, including the chairman.

Bangladesh Bank governor, finance secretary, financial institutions division secretary, NBR chairman, social welfare secretary, secretary of woman and child affairs ministry, expatriate welfare and overseas employment secretary, labour and employment secretary, post and telecommunications division secretary, PMO secretary, BSEC chairman, FBCCI president, and the president of the Bangladesh Employers' Federation will all be members of the governing body.

At least three gatherings of the governing body will take place each year.

The authority's headquarters will be in Dhaka, but satellite offices can be set up elsewhere in the country with approval.

NMS