Make the proposed universal pension scheme (UPS) rights-based and people-focused instead of commercial one and include income taxpayers directly, experts ask the government.
The government is also suggested to hold mass participation and take people's opinion to design an effective and sustainable pension scheme.
Such suggestions came from a seminar organized by COAST foundation at the National Press Club-days before the pension is expected to be announced in the upcoming national budget for 2022-23 fiscal year.
Dr Quazi Kholiquzzaman Ahmed chaired the event while Dr Tofail Ahmed, Chairman of the COAST Foundation, moderated the event.
Member of Parliament Barrister Shamim Haider Patwari, Md. Abdul Majid, ex-Chairman of the NBR, Mr. Mahabubul Hoque, Additional Secretary of General Economics Division, Dr. Nilufar Banu, ED at Bangladesh Unayan Parishad, and Dr. Mesbahuddin Ahmed spoke at the meet.
The keynote was presented by Md. Ahsanul Karim from COAST. In the keynote presentation he said the approach of UPS "is somehow commercial instead of focusing on right-based approach".
Also, the draft "Pension Authority Act-2022" denies an inclusive process and has provided leverage for bureaucrats to design and implement, which is in fact a question of effectiveness and sustainability.
He demanded including income taxpayers directly as they are key resource mobilisers, and allocating a portion of the amount from tax- resource mobilization through the national budget every year.
Mr Abdul Majid said, "Our tax system is not working with welfare focus, that's why it hardly serves 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-centered 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 recommends that the government 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."
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