Parliament passes Universal Pension Bill

According to the announcement of the election manifesto, Awami League has passed the 'Universal Pension Management Bill-2023' to bring all the citizens of the country under pension.

  The bill provides that all citizens between 18 and 50 years of age can enjoy pension benefits for life after attaining the age of 60 years by paying the prescribed rate of contribution. Apart from this, under special consideration, the fifty-year-olds can also enjoy pension benefits by paying contributions for 10 years uninterruptedly under this law. In that case, he will be entitled to pension for life from the age he attains after 10 continuous years of contribution from the date of joining the scheme. Pensioner's age up to 75 years has been judged to mean lifetime.

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Today Tuesday Speaker Dr. Finance Minister AHM Mustafa Kamal proposed to pass the bill in the parliament session chaired by Shirin Sharmin Chowdhury. Later it was passed by voice vote. First, the bill was referred to the public opinion scrutiny committee and the amendment proposals were rejected by voice vote. However, a few amendments were adopted.

First of all, the opposition team Jatiya Party MPs Kazi Firoz Rashid, Fakhrul Imam, Mujibul Haque Chunnu, Pir Fazlur Rahman and Shamim Haider Patwari advocated sending the bill back without passing it or sending it back without passing the bill or sending it for public opinion verification or selection. Independent Member Rezaul Karim Bablu.

According to the Pension Act, the contributor will get monthly pension if he contributes continuously for more than 10 years. On completion of 60 years of age of the contributor, the pension will be paid on the other side of the deposit along with the accumulated profits in the pension fund. Bangladeshi associates working abroad can participate in this program.

The law also states that the government can give a portion of the monthly contribution to the pension fund as a grant to citizens below the minimum age limit or in the case of indigent contributors. A pensioner will get pension benefits for life. But if the pensioner dies before attaining the age of 75 years, his nominee will get monthly pension for the remaining period (up to the age of 75 years of the original pensioner). If the contributor dies within 10 years before the contribution is made, the deposit will be returned to his nominee along with the profit.

It is also stated in the bill, if the money deposited in the pension fund needs to be withdrawn at some stage, the subscriber can withdraw up to 50 percent of the deposited money as a loan, which has to be paid with fees.

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The law states that the money received from the pension will be exempt from income tax and the contribution determined for the pension will be considered as an investment and will be calculated for tax relief. It has been said that private institutions can participate in the public pension process on the part of the state, on the semi-government or on the autonomous side. In this case, the authority will select the contribution share of the affiliates and institutions. However, till the state decision is taken, those working in government and semi-government or autonomous organizations will remain out of the pension system.

The Government will introduce universal pension scheme by issuing notification to meet the objectives of the provision. After the coming into force of this Act, the Government shall by notification constitute a National Pension of five members. The head of which will be the executive chairman. The other four will serve as members of the authority. The government will appoint them. Their tenure and conditions of employment shall be regulated by law. Executives and other related organizations will carry out the government. The bill states that this authority can take loans with the approval of the government.

Apart from this, the Act provides for the formation of a 16-member Board of Directors to manage pension management activities. Its chairman will be the finance minister. It includes the Governor of Bangladesh Bank, Secretary of Financial Institutions Department, Secretary of Finance Department, NBR Chairman, Secretary of Ministry of Social Welfare, Secretary of Ministry of Girls and Children Affairs, Secretary of Ministry of Foreign Philanthropy, Secretary of Ministry of Labor and Employment, Secretary of Posts and Telecommunications Department, Secretary of Prime Minister's Office, Security Chairman of And Exchange Commission, President of FBCCI, President of Employers Federation, President of Women Chamber of Commerce will be its members. The member secretary of the board will be the executive chairman of the authority.

In the speech containing the purpose and reason of the bill, according to the law of Article 15 Clause (d) of the Constitution of Bangladesh, it is necessary to enact a comprehensive provision incorporating the provision of the right of citizens to get government assistance in the case of social security dominance and other needy cases. It is expedient to enact the Universal Pension Management Bill to ensure the continuity of the progress of the ongoing development and to ensure that the poor people of the country are brought under the social security belt.