The government is going to introduce a universal pension system for citizens between the ages of 18 and 50, said Finance Minister AHM Mustafa Kamal.
The minister sadi that the opportunity is being kept for the expatriate Bangladeshis living outside Bangladesh too. It will be possible to introduce this system within the next 6 months to one year.
He told reporters after a meeting of the Cabinet Committee on Public Procurement on Wednesday.
The finance minister said the government will pay the same amount to those who will contribute to the fund formed under the pension system. A separate authority will be formed for the management of the fund. These authorities will invest pension funds in different places. The return on investment will also be distributed among the pensioners.
Asked when the system would be launched, the finance minister said it could be started within the next six months to a year. Before that, legislation and rules will be formulated and a separate authority will be formed.
When asked, how much money coukd be deposited per month and how much money can be got as pension, finance minister said the issues are still in a process. The authorities will fix these. The way in which different countries of the world carry out such activities, the best practices in the world will be followed to implement the universal pension system.
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