The government mandates inclusion in the universal pension scheme for all new employees of state-owned and autonomous institutions, effective July 1. Named “Prottoy,” the scheme entails deductions of up to 10% or Tk5,000 from employees’ basic salary, matched by the organization. Contributions for at least 10 years yield a monthly pension, with shorter terms receiving a one-time refund. Experts highlight reduced government pension expenses and pension fund growth. Proposed enhancements include civil society involvement in pension authority boards and district-level pension offices. The scheme encompasses various entities like public universities, government banks, and state-owned companies. The government aims to enroll 10 crore people in universal pension schemes but faces low participation. Current fiscal allocations for government employee pensions and gratuities amount to Tk32,869 crore.
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