Lifetime pension, in case of death the nominee will get up to 65 years of age
The government is going to make a law to bring all classes of people in the country under pension. The Finance Department of the Ministry of Finance has prepared a draft of the law. The proposed law is named ‘National Pension Authority Act, 2022’.
The National Pension Authority (NPA) on Tuesday uploaded a draft law, although the finance department did not normally upload any draft laws for comment. The finance department will now send the draft law to all ministries and departments separately for comments.
The draft has been prepared within a month and a half of receiving the directive of Prime Minister Sheikh Hasina. Earlier last month, the finance department presented a strategy paper to Prime Minister Sheikh Hasina. On the day of presentation of the strategy paper, the Prime Minister directed the Finance Department to enact the law.
But the draft law, full of confusion, did not say exactly how poor people would be covered under the pension system. The government will be able to provide a portion of the monthly contribution to the pension fund in the case of low-income citizens or distressed contributors. It has been said that it can be given, that is, the matter will depend on the will of the government. The government may not give grants.
The definition of ‘distressed contributor’ is as follows: ‘Regular contributor to a pension program who has permanently lost his or her job due to an accident or physical illness.’
It also said that if a person involved in the pension program violates the provisions of the law, the bank account of that person will be confiscated for the violation, but there is no provision of jail-penalty or any other punishment.