Universal Pension Scheme is govt's pro-people move: DCCI
The DCCI President said “Amidst the global economic meltdown and fiscal austerity, UPS will augment the financial flow in the economy"
Universal Pension Scheme (UPS) is a pro-people move of the government for an inclusive and sustainable social safety net for the county's socio-economic development, said Barrister Md Sameer Sattar, president of Dhaka Chamber of Commerce & Industry (DCCI).
"This scheme can bring in an almost large number of people of the society under its net. The option of 50% contribution by the Government to the insolvent depositors under the "Samata" scheme is also a remarkable move," he said in a press release.
The DCCI President said "Amidst the global economic meltdown and fiscal austerity, UPS will augment the financial flow in the economy. This scheme is expected to benefit vulnerable citizens with social security reducing poverty and social safety costs in the national budget in the future."
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Furthermore, the DCCI President envisaged the Pension Scheme as a catalyst in streamlining public sector bank borrowing, thus paving the way for innovative fiscal channels to meet the Government's evolving monetary requirements. The scheme's salutary impact on private sector credit accessibility and the reduction of foreign borrowing could potentially elevate the investment-to-GDP ratio, bolstering the economic climate.
Barrister Md Sameer Sattar underscored the scheme's potential to sustain the employment landscape, spanning from major local conglomerates to Micro, Small, and Medium Enterprises (MSMEs). This comprehensive support, envisioned through the "Pragati" scheme, is expected to ensure workforce retention, enhance employee productivity, and provide fiscal security during retirement.
Recognizing the indispensable role of the pension scheme in elevating citizens' incomes for an inclusive economy, the DCCI President emphasised the core tenets of competitive and secure returns for depositors, coupled with robust governance and management of the public funds. These principles are vital to attract public participation and expedite the scheme's successful implementation in the long term.
Numerous developed and developing economies, including the Netherlands, Denmark, Germany, Australia, India, Canada, Iceland, and Switzerland, have already successfully embraced similar pension schemes to safeguard the well-being of their populations.
