Raise savings tools’ investment ceiling

Government secretaries have requested the finance minister to raise the ceiling on investment in savings tools to help them during their old age, sources said.

They made the request at a pre-budget discussion held at the finance ministry conference room at the Bangladesh Secretariat on Sunday.

Presently, a government official can invest up to 45 per cent of his or her retirement benefits in savings tools.

Finance Minister AMA Muhith assured them of considering their demand, a secretary of the government told the FE, seeking anonymity.

During the meeting, the secretaries also requested the minister to raise their retirement age. Otherwise, they suggested keeping them in work during one-year leave preparatory to retirement (LPR) period.

Meeting sources said the secretaries also suggested making the public-private partnership (PPP) concept more effective by raising project implementation under PPP.

Besides, they recommended that the minister increase budgetary allocation for rural development since this is a national election year.

The secretaries also suggested reducing corporate tax, raising value added tax (VAT) collection, higher allocation for river dredging, steps for reducing migration cost, protecting the interests of local industry, and rationalising motorcycle registration fee.

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