The government is planning to introduce a deposit pension scheme (DPS) for the migrant workers - to properly utilise their hard-earned remittance as well as encourage savings.
It is among a package of measures, to be discussed and decided in the second meeting of the National Steering Committee on Migration, expected to be held at the Gonobhaban on April 02.
The high-powered committee, headed by Prime Minister Sheikh Hasina, is also expected to discuss establishing special economic zone and hi-tech park, and waiving airfare for migrant labourers.
The planned DPS will be launched initially on voluntary basis. The migrants, who will open the scheme, will be able to withdraw their deposited money with due interest after returning home.
The government is considering providing incentive on condition of depositing a certain portion of remittance when the DPS will be operated on mandatory basis.
The Finance Division, Ministry of Expatriates' Welfare and Overseas Employment, and Bangladesh Bank (BB) will implement the scheme.
It has been planned to encourage the migrant labourers to send their remittance through legal channels. Besides, they can lead their life without financial suffering after returning home, a senior official said.
Most of the expatriate workers suffer financially after returning home due to lack of saving necessary money and proper utilisation of their sent remittance while working abroad, he added.
Senior Secretary of Ministry of Expatriates' Welfare and Overseas Employment Dr. Ahmed Munirus Saleheen could not be contacted for his comment regarding the scheme despite several attempts over phone and SMS.
The government, in its Eighth Five-Year Plan (July 2020-June 2025), mentioned introducing a deposit pension scheme for the migrant labourers.
It also introduced incentives in 2019 to encourage the expatriates to send remittance through the banking channel that helped to raise remittance inflow.
Following the incentives, the expatriates sent home US$18.20 billion in the fiscal year (FY) 2019-20, which was 13 per cent higher than that of the previous year.
The remittance inflow rose to $24.80 billion in the FY 2020-21, up by 36 per cent compared to the FY 20.
Bangladeshis staying abroad sent home over $21.03 billion in the FY 2021-22, according to the BB data.
The Bureau of Manpower Employment and Training (BMET) figures show that more than 13 million workers have gone abroad for jobs since 1976. Most of them secured employments in the Middle-Eastern countries.
The government is currently introducing a universal pension scheme in the country. All citizens, aged 18-50 years, will be allowed to enjoy its benefits.
The Universal Pension Management Bill was passed in the Jatiya Sangsad (JS) in January 2023 - mainly to bring the country's growing elderly population under a social security system. The pension scheme is expected to take off in July next year.
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