• Saturday, Jun 19, 2021
  • Last Update : 03:21 am

Govt to form ‘Universal Pension Authority’, payment through EFT

  • Published at 11:53 pm June 13th, 2019
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All govt employees to come under insurance coverage

Finance Minister AHM Mustafa Kamal proposed to bring all public sector employees under the insurance coverage and introduce a universal pension scheme for all under formal and informal sectors.

“With the assistance of Jiban Bima Corporation, the existing system will be reformed and converted into an integrated insurance system to bring all government employees under the insurance coverage,” said the finance minister while placing budget for 2019-20 fiscal in the parliament on Thursday, reports BSS.

About the pension scheme, he said the government pensioners are only a small fraction of the total population in the country.

A ‘Universal Pension Authority’ will be formed soon for gradual introduction of the universal pension for everyone including all employees in formal and informal sectors of the economy, he added.

At the same time, the government also plans to bring all pensioners under the Electronic Funds Transfer (EFT) system within the fiscal year 2019-20 (FY20).

“The process of pension payment through EFT has started to reduce the hassle of pensioners in getting their pensions.  The system has been introduced so that pensioners can automatically get their pension to their bank or mobile accounts without any physical presence in any accounts office or any bank.”

Payment of pension in pensioner’s bank accounts through EFT has already been made to 27,000 pensioners, the budget speech informed.

Read the full budget speech for FY20 here

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