The government is set to introduce the universal pension scheme from the fiscal year 2022-2023.
Finance minister AHM Mustafa Kamal made this announcement on Thursday while placing budget for FY 2022-2023 in the national parliament.
The finance minister said, "It is high time to establish a universal pension system in Bangladesh as at present the number of working people is much higher than the elderly population."
"Around 85 per cent of workforce of Bangladesh’s labour market is employed in the informal sector. As there is no institutional social security framework for the informal sector and expatriate workers, there are chances of uncertainty of livelihood at their old age," he added.
