Do you know how to get the Bangladesh government’s retirement pension? Bangladesh government’s plans to implement a universal retirement allowance program.
Various professionals and age categories, including low-income persons, will receive monthly retirement allowances under this program.
This policy, also known as the universal retirement allowance program, allows anyone to receive an allowance of up to Rs 65,000 per month after retirement if they deposit Rs 1,000 each month.
If a pensioner dies, his or her nominee will get this amount, which is similar to the traditional retirement stipend. A person can also borrow up to 50% of the money put in the retirement allowance fund.
After all, this will be an entirely tax-free retirement. But, if there’s anything, it’s right here.
Who is benefited from Bangladesh Government’s Retirement Pension?
This retirement allowance will be available to everyone in the country between the ages of 18 and 50 who is a Bangladeshi citizen of any profession who earns money from exparts, grocery storekeepers, or daily wagers.
Employees of all government and autonomous organizations, on the other hand, who are now receiving some form of retirement allowance will be excluded from the scheme.
If someone wishes to join this program when it is launched, they should do so; if not, they should not. However, it will become mandatory for everyone in the future.
How will Bangladesh Government’s Retirement be paid?
To calculate, disburse, and manage the pension, the government will establish a universal pension authority.
Each retiree will have their own pension account. As a result, even if a person moves jobs, his account remains the same.
The pension authority will choose who will make monthly deposits and how much money will be deposited. The extortion rate will be set at a minimum, and the money will have to be deposited on a monthly basis. Expatriates, on the other hand, can pay every three months.
The pension authorities will establish the monthly rate of extortion if an organization wishes to provide this pension to its employees.
The same amount of money that a person deposits at a monthly rate will be placed in that person’s account by their employer. In the case of low-income people, the government is considering placing the same amount as the pensioner’s monthly deposit in their accounts.
However, if someone wishes to deposit additional funds in addition to the monthly amount, you may do so.
How much money will they get?
The amount of pension a person receives is determined by how much money he has deposited each month.
“A person would get 10% profit on the amount placed in the pension fund at the time of retirement or up to the age of 60 years and 8% as monthly allowance,” Finance Minister A.H.M. Mustafa Kamal said at a virtual press conference, promoting the program.
Simply put, if a person deposits Rs 1,000 each month from the age of 18 to 60, he will receive a monthly retirement benefit of Rs 64,776 at the age of 61.
If someone starts putting money into this scheme when they are 30 years old, their monthly retirement allowance will be Rs 18,908.
However, it is important to note that a person will only be entitled to a retirement allowance if he makes continuous monthly contributions for a period of ten years.
Every year, a set amount of money must be deposited into this pension account. If a person fails to deposit the required minimum, his account will be temporarily suspended. The pension account, however, can be reopened with a penalty, which includes the number of months of funds remaining.
What happens if the retiree passes away?
Bangladesh Government’s retirement pension will be paid to retirees for the rest of their lives. If a pensioner dies, the allowance will be paid to the pensioner’s nominee for another 75 years.
If a pensioner dies before receiving a monthly payment for ten years, the monies put in his pension account, as well as any profit, will be refunded to his nominee.
What do experts have to say?
Bangladeshi citizens’ average life expectancy is rising. It has now been 73 years. The creation of such a program in such a situation has been praised by experts. They are concerned, however, about its implementation.
According to the Bureau of Statistics, 20 percent of Bangladesh’s population would be elderly by 2031, according to Fahmida Khatun, executive director of the Centre for Policy Dialogue. Currently, 40 persons out of every 100 in the country are without a pension.
“The government’s tax revenue is quite low,” Fahmida Khatun added. Infrastructure costs are rising at an alarming rate. It will be quite difficult for the government to set aside monies to provide pensions to such a big population in such a situation.’
Aside from that, the economist advised keeping a close eye on the Bangladesh Government’s retirement pension fund’s money as well as the process of distributing it to ensure that it does not become another weapon of corruption.