All citizens pension will be equal!

All citizens pension will be equal!

All citizens pension will be equal!

On 21st May, Finance Minister Abul Maal Abdul Muhith wrote a letter to the Finance Secretary Muslim Chowdhury.

 In this letter, the Finance Minister said, "We will announce the outline of the universal pension. Its implementation may be slightly started.

The pension will be equally common for all pensioners. Contribute to all the pension pensions in the public pension; Not everyone except the poor. In this case, the poverty line should be determined to determine the lowest calorie limit in food.

Then the Finance Minister questioned, 'How far did the work progress in this matter, and what can we declare?'

Awami League's election promise was going to be introduced in power if pension for private workers The Ministry of Finance has been working on the issue for several years. Go to different countries related officials have saved the experience. The donor organization World Bank came forward to help

 It was said that from the last financial year (2017-18), the launch of universal pension based on a pilot project. It was not due to lack of preparation. It was said about the next budget. That budget is too early. In this situation, the Finance Minister asked the Finance Secretary about the universal pension and asked the Finance Secretary.

Bangladesh is contacted by the daily to know about the matter with the Finance Secretary, Muslim Chowdhury. He said that it was not possible due to the lack of adequate preparation, which was to start the public pension from the coming budget. But the new budget will have an outline of what will be the type of public pension, who will get it and who will implement, said the secretary.

Muslim Chowdhury said that the main obstacle in the implementation of public pension is not a strong bond market. He said the government will not pay the pensioners of private workers. Give pension, give ownership. That money will be invested in the bond market.

Adding his profit will be given as a numeric pension. But our bond market is not created, where we can invest in pension money. Apart from this, an authority should be formed to provide the pension before the start of the public pension.

 Funds need to be formed. With the absence of these preparations, the announcement to start the public pension in the budget is not possible, said Finance Secretary.

According to sources, the election pledge of Awami League-led current government was- Pensions in the private sector. In order to implement this commitment of the government in 2014, the Banking Department of the Ministry of Finance has been given the responsibility of finalizing pension schemes for the private sector.

The banking department has taken a project with the help of the World Bank to implement the private pension. The World Bank offers financial assistance of approximately 88 million US dollars to this goal. The finance minister also approved it.

It was said that the private sector will be brought under pension scheme by forming 'private pension record company' and 'private pension trust' in the fund.

But before the project was taken, when the DPP was asked by the Ministry of Planning, the Finance Department sat on the objection only. They said that since the Finance Department involved in the implementation of the government pension process, it should be through their (finance division). Since then, the Department of Finance has seen the implementation of the universal pension.

Finance Division officials said, in the beginning, the matter was limited only to private sector workers' pension; But now it has become a bigger decision to start a pension scheme for all citizens.

 As a result, it will take more time to implement it. The institutional structure that will be used for the launch of universal pension is now being examined. Experiences are being taken in different countries including India.