Universal pension scheme now at study level, finance minister says

Finance Minister AHM Mustafa Kamal has said that the government will consult with stakeholders about the modalities of the proposed pension scheme for all citizens of the country, including expatriates.

 “The things are now at the study level. We’ll formally talk with all,” he told reporters after two consecutive meetings of the Cabinet Committee on Economic Affairs and the Cabinet Committee on Public Purchase on Wednesday, reports UNB.

The finance minister was responding to a question about whether the private companies will have to contribute any amount against their staff’s contribution to the pension scheme.

Meanwhile, the finance ministry uploaded a draft law, titled “National Pension Authority Act 2022”, on its website seeking public opinions on it.

Interested persons have been requested to send their opinions on it by April 12 this year.   

Earlier on February 23, the finance minister announced that the government will introduce a universal general pension scheme for all citizens of the country including expatriates.

During his announcement, he said a government authority will be formed soon and the scheme will come into operation within the next six months to one year.

Under the pension programme, he said, every citizen of the country, aged 18-50, will get back his monthly deposit along with the same amount of government contribution.

“Initially, the scheme will be optional for a citizen, but later it'll be mandatory for everyone.”