The government has planned to bring the payments of all cash-based social security programs under the electronic fund transfer system from the coming fiscal year.
“In addition to changes in the number of beneficiaries and allowances, we have introduced a more targeted, transparent, and accountable approach to the social security programs by implementing the Government-to-Person (G2P) method,” Finance Minister AHM Mustafa Kamal said while placing the proposed budget for the 2023-2024 fiscal year in Parliament on Thursday.
Under this approach, the finance minister said, already in 22 out of 25 cash-based programs each beneficiary is receiving monthly allowances directly into their preferred bank account or mobile account through Electronic Funds Transfer (EFT) on a specified date.
“In the next FY the remaining cash-based programs will be brought under G2P,” he said, adding that now over 80% cash-based social security programs are being implemented through G2P.
