On Sunday, the government approved an allocation of Tk11.31 crore for investments in bonds, utilizing funds from the Universal Pension Scheme, according to Finance Minister AHM Mustafa Kamal.
During a press briefing, the minister highlighted that similar investment initiatives are common worldwide. Many countries rely on pension funds as a source of funding, with pension funds now serving as an alternative to the earlier provident fund system.
Finance Secretary Khairuzzaman Majumder, speaking at the briefing, revealed that around 15,000 individuals have registered for the pension scheme, contributing a total deposit of Tk12.54 crore as of the latest update. Out of this sum, Tk11.31 crore has been invested in 10-year treasury bonds at a 10.5% interest rate, he added. Majumder emphasized the government’s commitment to prudently manage funds deposited in the pension scheme, assuring a secure investment strategy.
The finance minister also informed reporters that the government is actively working to lower the prices of essential commodities and control inflation, expressing optimism about a decline in inflation in the near future.
Kabirul Ezdani Khan, the executive chairman of the Universal Pension Authority, also addressed the press conference. He underscored the introduction of schemes at Tk2,000 and Tk3,000 to enhance the appeal of the pension system, particularly for expatriates.
The Universal Pension Scheme, launched with much enthusiasm on 17 August, saw approximately 13,000 registrations in its first month. While the scheme has received substantial praise, questions have been raised regarding its timing and viability in the context of the current economic and political landscape.
