Back to pension

THE SYSTEM of cent per cent computation of pension was introduced in July 1994 and it continued till June 2017. This was widely accepted by a large number of retired employees basically due to two factors. Firstly, pension was fixed at the salary drawn at the time of retirement and secondly, the length of life of our people was considered 60 years. So, it was better to surrender cent per cent pension and get 8 years and 4 months' pension at a time to avoid hassles of standing in a long queue at the treasury or bank at an old age every month.

Of late the National Pay Commissions of 2005, 2009 and 2015 had raised the pension amounts 2/3 times higher than the basic pay. On the other hand, longevity of our people is more than 70 years now. So the situation has changed from the one that existed a decade ago. At present the total number of pensioners including wives/ husbands of the deceased is estimated at 600 including those who surrendered cent percent pensions. It would be wonderful if they are allowed to return to pension after a gap of 12 years after retirement. Their number will not exceed 25,000.

Taking minimum pension of Tk 3,000 into consideration, the average pension per person per month stands at Tk 5,000 and the yearly budget allocation for the purpose will not be too big.

Therefore, we would request the government to be kind enough to the elderly people who surrendered cent per cent pension not being aware of the future now they are facing.

Wahidul Islam Akhand

Retired AGM, Agrani Bank

[email protected]