Speakers on Wednesday urged the government to make the proposed universal pension scheme (UPS) rights-based and people-focused instead of a commercial one and include income taxpayers directly in it.
The government was also suggested to hold mass participation and take people’s opinion to design an effective and sustainable pension scheme, said speakers at a seminar organised by the COAST foundation held in Dhaka national press club.
The proposed pension is expected to be announced in the upcoming national budget for the 2022-23 fiscal years.
Dr Quazi Kholiquzzaman Ahmed has chaired the event while Dr Tofail Ahmed, Chairman of COAST Foundation moderated the event.
Member of the parliament Barrister Shamim Haider Patwari, Md. Abdul Majid-Ex Chairman of NBR, Mr Mahabubul Hoque, Additional Secretary of General Economic Division, Dr Nilufar Banu-ED Bangladesh Unayan Parishad, Dr Mesbahuddin Ahmed-Jatiya Sramik spoke among others at the event.
The keynote was presented by Md. Ahsanul Karim from COAST.
In a keynote presentation, Ahsanul Karim said the approach of UPS is somehow commercial instead of focusing on right based approach.
Apart from the draft “Pension Authority Act-2022” is denied an inclusive process and has provided infrangible leverage for bureaucrats to design and implement which is in fact a question of effectiveness and sustainability, he said.
He demanded to include income taxpayers directly as they are key resource mobilizers, and allocate a portion of the amount from tax resource mobilization through the national budget every year.
Md. Abdul Majid, ex-chairman of NBR said that our tax system is not working with welfare focused, that’s why it hardly serves the people’s rights.
Barrister Shamim Haider said the proposed UPS is like an investing instrument scheme that needs to be revised for shaping an institutional frame to serve all levels of people based on their economic status.
Dr Tofail opined that government employees get their benefits more quickly than in people-centred welfare schemes as they are controlling the policy frame. “The UPS is now one of the options that can benefit the people who pay taxes both directly and indirectly.”
He recommended the government to bring the “Zakat Fund” under a regulatory frame in mobilizing substantial resources for UPS through paying tax incentives.
Mahabul Hoque said the 8th Five-Year Plan has adopted the UPS where 50 per cent will be from tax financing. We have a plan to increase the Tax-GDP ratio by at least 12 per cent. If we can be successful on it then additional money will support us to finance the UPS.
