The government plans to establish a universal pension system by FY23 under which all citizens aged between 18 and 50 will be entitled to the benefits.
Earlier, in his budget speech for FY2019-20, the finance minister outlined the establishment of the universal pension scheme.
"Now, I am very glad to announce that the government has decided to introduce a universal pension system from the next fiscal year," Finance Minister AHM Mustafa Kamal said during the budget speech on Thursday.
"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 needy people," he said.
The law has already been drafted. After passing through all the necessary formalities, it will be possible to present this important law to the National Parliament by 2022, he added.
Mustafa Kamal further said, "The implementation of the universal pension scheme will bring a large number of citizens from both the formal and informal sectors under the institutional social safety net."
