Govt mulls pension scheme for all

A 'Universal Pension Authority' will be constituted soon for gradual introduction of universal pension for everyone employed in formal and informal sectors of the economy, reports UNB.

Finance minister AHM Mustafa Kamal said this while placing the proposed national budget for 2019-20 fiscal year in the Jatiya Sangsad on Thursday.

Without elaborating, he said the government pensioners are only a small fraction of the total population in the country.

The minister said the process of pension payment through EFT has started to reduce the hassle of pensioners in getting their pension.

A system has been introduced so that pensioners can automatically get their pension in their bank or mobile account without any physical presence in any accounts office or any bank, he said.

Kamal said the payment of pension in pensioner's bank account through EFT has already been made to 27,000 pensioners. All pensioners will be brought under this system in the next fiscal year.

He mentioned that although there is a group insurance system for government employees, in reality it is not insurance.

"With the assistance of Jiban Bima Corporation, the existing system will be reformed and converted into an integrated insurance system for bringing all government employees under the insurance coverage," Kamal said