Universal pension scheme to be launched soon: Kamal

Finance Minister AHM Mustafa Kamal on Wednesday said the government will roll out an universal pension scheme for the countrymen where capable citizens aged between 18 to 50 years would be able to take part in it to secure their safety and security after retirement and thus ensuring their better livelihood.

"The formulation of the universal pension scheme is a gift for the Nation from Prime Minister Sheikh Hasina," he said.

Kamal said it was his strong belief that all citizens of the country would be benefitted from this pension scheme. "Such scheme is a strong area for a developing country like Bangladesh and it will ensure security for all. I believe that it will play a very effective role during the retirement period of the citizens,"

The Finance Minister said this after chairing two separate meetings on the Cabinet Committee on Economic Affairs (CCEA) and the Cabinet Committee on Government Purchase (CCGP).

Asked how long it would take to roll out such scheme, he said it would start operations from six months to one year timeframe while the concerned law, rules and regulations would be framed in consultation with the experts and stakeholders, reports BSS.

Answering to a question, the Finance Minister said that the pension authority would fix the subscription fee while even a tea stall or betel leaf vendor can take part in the scheme.

He told another questioner that the best practices of the neighboring countries can be followed in this regard while the scheme would like contributory provided fund (CPF).

Kamal said that it is the goal of the government to ensure that everyone gets a better life and livelihood.

He said that Prime Minister Sheikh Hasina in her election manifesto in 2008 had pledged to formulate an universal pension scheme to bring the elderly people under a sustainable and well-organized social safety structure.

In continuation of this, necessary steps have been taken to roll out such scheme, he added.

The Finance Minister informed that a universal pension scheme law would be enacted soon after incorporating the directives of the Prime Minister. Once the law is framed, then a full-fledged outline would be available in this regard.