Pension for private sector employees

Employees of most private companies in Bangladesh are deprived of long-term benefits of pension. Though the contribution of these employees to the organizations and the service they give is immeasurable, they are not entitled much benefit other than their monthly salary. Government’s recently announced decision to provide pensions to private job holders is praiseworthy.

It was a long sigh for the private sector employees, in most cases, that they are not provided any pension. As it was their fair demand for a long time, in the budget programme of this year, the government has finally come up with the good news that the private sector employees will also receive pension soon following the separate pension scheme.

According to the proposal, employees of the private sector will have to deposit a fixed amount of money and certain private employers will also have to deposit pension money in applicable cases. Besides, government will deposit money on behalf of the poor people holding jobs in the private sector. In this way, all the money would be deposited under a unified pension fund. Following their retirement, the employees will receive a monthly pension on basis of the money they deposited and the income from the fund. Certainly these types of initiatives will be beneficial for many reasons. One of the reasons could be enhanced interest of employees to work in the private sector and decreased pressure on the government sector. It is believed that many people prefer the government sector for jobs and one of the main reasons behind it could be the pension security.

Now that the situation is going to improve, more people may become interested in holding private jobs.

It is believed that many people prefer the government sector for jobs and one of the main reasons behind it could be the pension security. Now that the situation is going to improve, more people may become interested in holding private jobs. Therefore, concerned authorities should ensure that the pension plan is fully implemented so that life of private employees will be financially secured as they would get some benefits after their retirement. This measure may also reduce the dependency ratio in families across the country.