General

All pensioners to come under EFT system in FY20

DHAKA, The government is planning to bring all

pensioners under the Electronic Funds Transfer (EFT) system within the fiscal

year 201920 (FY20).

This was revealed today in the proposed budget placed in the parliament by

finance minister AHM Mustafa Kamal.

The process of pension payment through EFT has started to reduce the

hassle of pensioners in getting their pension. System has been introduced so

that pensioners can automatically get their pension in their bank or mobile

account without any physical presence in any accounts office or any bank,

the finance minister's budget speech read.

Payment of pension in pensioner's bank accounts through EFT has already

been made to 27,000 pensioners, the budget speech informed.

As per the budget speech, a 'Universal Pension Authority' will be formed

soon for gradual introduction of the universal pension for everyone including

all employed in formal and informal sectors of the economy.

The government pensioners are only a small fraction of the total

population in the country, the budget speech read.

Source: Bangladesh Sangbad Sangstha (BSS)