National Pension Authority (NPA) Chairman Kabirul Ezdani Khan has assured that the funds – deposited monthly by citizens under different schemes – will be safeguarded by law under any and all circumstances.
Ezdani, also an additional secretary of the finance division, said, “Even if the regime changes or the global economic scenario deteriorates further, the people will not have to be concerned about the universal pension scheme funds.”
There is no possibility of the funds being lost. This scheme is for the people, and the government will safeguard it, he noted at a discussion on the Universal Pension Scheme, held at the Metropolitan Chamber of Commerce and Industry (MCCI) in Dhaka on Tuesday.
The NPA chairman said, “Work is underway to finalise a draft rule on Pension Fund Management, so that we can invest the people’s funds into long-term profitable sectors with maximum security.
“Under the rule, the pension funds will initially be invested into government treasury bills and bonds. When the funds get bigger, there are plans to invest the money into large infrastructural projects similar to Padma Bridge.”
A fund management committee is being formed, and this committee will figure out where to invest the money, he added.
Present at the event, MCCI President Saiful Islam said, “The Universal Pension Scheme will reach the doorstep of people from every corner of the society in no time, if we work together to implement this initiative.
“All citizens of Bangladesh will be able to reap the benefits of this scheme. We must remain vigilant so that the initiative does not fall flat on its face like so many others, or does not get shut down midway.”
He added, “We must work to ensure that the people can reap the benefits of the Universal Pension Scheme without going through bureaucratic red tape.”
Saiful recommended issuing year-end payments if a scheme subscriber submits a year worth of premiums in one deposit.
Former principal secretary Abul Kalam Azad said, “The government is providing a lot of facilities to government employees. These employees can now take out up to Tk 75 lakh in home loan, which is an increase from the previous Tk 1 lakh.
“The pension scheme has been launched to support all citizens in the country. Every pensioner or beneficiary will get benefits of both the deposited funds and profits.”
Bangladesh Employers’ Federation (BEF) President Ardashir Kabir attended the programme, along with the members of Bangladesh Employers Federation (BEF) and other business organisations.
Responding to queries about the Pragati Scheme, NPA Chairman Ezdani said, “So far, no private organisation has signed up for a pension scheme. But the process will start soon, and preparation is underway in this regard.”
