In a significant move to improve financial benefits for retired government employees and teachers, Finance Minister Abul Hasan Mahmud has announced several key reforms in his budget speech presented at the National Parliament on Thursday.
Finance Minister stated that all retired government employees now receive their pensions at the beginning of the month through Electronic Funds Transfer (EFT).
Additionally, life verification via the mobile app has been launched, aiming to eliminate the annual in-person appearance requirement for pensioners. This initiative is set to provide significant relief to the elderly.
Furthermore, the Finance Minister addressed the ongoing efforts to alleviate the challenges faced by teachers and employees under the Monthly Pay Order (MPO) scheme. The salaries and allowances under the MPO scheme is expected to be processed through EFT.
The disbursement of retirement benefits and welfare grants to these individuals through EFT is already in progress. The shift to electronic transfers is expected to considerably reduce the hardships experienced by retired teachers and employees.
These reforms are part of a broader strategy to modernize the financial administration of government benefits, aiming to ensure prompt and hassle-free transactions for all beneficiaries.
Finance Minister presented the proposed budget for the 2024-2025 fiscal year amounting to Tk797,000 crore (Tk7.97 trillion) in parliament on Thursday.
This was his first budget unveiling and the first budget after the reelection of the Awami League government in January.