The minister said, "Around 85 per cent of workforce of Bangladesh’s labour market is employed in the informal sector. As there is no institutional social security framework for the informal sector and expatriate workers, there are chances of uncertainty of livelihood at their old age."

The finance minister said a policy decision has been taken to enact the 'Universal Pension Management Act, 2022' to introduce a universal pension system to ensure a sustainable social safety net for the elderly and the needy people.

The law has already been drafted. After passing through all necessary formalities, it will be possible to present this important law to the National Parliament by 2022, Mustafa Kamal added.