The Cabinet on Monday cleared the draft of Universal Pension Management Act, 2022 in order to bring the growing elderly population under a sustainable and social safety net.

The approval came at the cabinet meeting held with Prime Minister Sheikh Hasina in the chair at her office here.

“All Bangladeshi nationals aged from 18 to 50 years can participate in this pension scheme. And the expatriate Bangladeshis can also take part in it. They (expatriates) can get registered and provide premium,” said Cabinet Secretary Khandker Anwarul Islam while briefing reporters at the Bangladesh Secretariat.

He said the Finance Division has placed the draft of Universal Pension Management Act, 2022 aiming to bring the growing elderly population under a sustainable social safety net for the causes of unemployment, disease, paralysis, old age or other similar conditions, or penury amid the high life expectancy rate.

Anwarul Islam said the Cabinet gave the final approval to the draft law on condition of vetting by the Legislative Division. “If the legislative Division will okay it, then it will go to parliament,” he said.

Also read: Gender budget framework needs to be redesigned, say discussants at a pre-budget dialogue

As per the draft law, a person will have to provide premium for at least 10 years to get pension from the age of 60 until his death, said Anwarul.

If an elderly person dies before the age  75 years, the nominee will get the pension for the remaining time, he said citing an example that if anyone dies at 62, his/her nominee will get pension for 13 years.

However, the amount of premium will be determined by a rule under the proposed law, he added.

According to the proposed law, there will be a five-member national pension authority headed by a chairman and also a 15-member governing body with the finance minister as its chair, said the Cabinet Secretary.

In February last, PM Hasina directed the authorities concerned to work out a universal pension scheme for the people aged above 60 and those who worked in the informal sector in line with the election manifesto of Bangladesh Awami League.

She also witnessed a presentation of "Introduction of Universal Pension System '' which was made by the Finance Division.

Finance Minister AHM Mustafa Kamal has recently announced a plan to introduce a Universal Pension Scheme in the country from the upcoming fiscal year of 2022-23.

He said the implementation of the universal pension scheme will bring a large number of citizens from both the formal and informal sectors under the institutional social safety net.

Besides, the Cabinet in principle approved the draft of the Press Council (Amendment) Act, 2022 with a provision of monetary fine for fake journalism.

But the amount of fine will depend on the discretion of the press council as the cabinet turned down a proposal for keeping a fixed amount of fine for harming or breaking the security of the State, public order and morality.

“The Cabinet rejected the proposal of a fixed fine …. Instead, it has been kept on discretion (of the press council),” said the Cabinet Secretary.

He, however, said the draft law will come back to the Cabinet as it didn’t get the final approval yet.

The proposed law was designed bringing amendment to the existing law of 1974 with a view to improve and maintain the standard of the newspapers and news agencies as well as remove false journalism, he said.

In reply to a question, Anwarul said the news agencies mean all print and digital media. 

The council can voluntarily take offenses in cognizance, he said.

There will be a 17-member press council instead of the existing 14-member one as per the draft law, he said.

Moreover, the Cabinet cleared a proposal for Bangladesh to sign and ratify Marrakesh Treaty to Facilitate Access to Published works for persons who are Blind, Visually Impaired or Otherwise Print Disabled.

The Marrakesh Treaty was adopted in 2013 in Marrakesh, Morocco by the World Intellectual Property Organization (WIPO) to address the widespread problem known as a “book famine,” the situation where few books are published in formats that are accessible to those who are blind or visually impaired.

Moreover, the Cabinet cancelled its previous decision over the formation of Sovereign Wealth Fund, which was taken in 2015.

Also read:Russia-Ukraine war creates uncertainties: Kamal on upcoming national budget