After presenting the budget for fiscal 2016-17, Muhith told the media that the government hoped to do that before it ends its term in 2019. The octogenarian minister said on Thursday that an outline for a ‘universal pension scheme’ can be expected in the budget for the year starting Jul 1. Muhith made the remarks at the launch of a pilot project of the finance ministry, under which retired public servants’ pension will be transferred to their bank accounts directly from the state coffers. Muhith said: “A reform in the pension system was made in 1983. It will happen over a period of time.”A separate regulatory authority will be required for formal and informal pensions, Chowdhury said.

Source: bd News24 February 01, 2018 12:56 UTC