The work of World Bank’s proposed project - capacity building in Bangladesh’s insurance sector – will get underway in July this year, said official sources.
Under the project, a pension fund management authority will be formed. The issue was discussed at the meeting of a World Bank Scope mission yesterday.
A Bank Division official said the meeting discussed that the pension fund management authority would use its fund for various financial gains and the record of private sector employees would be maintained by an independent body.
In case, an employee changes his or her job from a firm to a new one, his or her pension scheme will not cease, said the official.
World Bank mission was led by the bank’s Senior Financial Economist Korotoumou Ouattara.
Bank Division Secretary M Aslam Alam said of the total project cost $100m, the government will bear $20m.
