Pension System in Bangladesh

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2) Time Lag:

Medical certificate should be within the prescribed type. the {difficulty|the problem} during this case is that medical certificate is incredibly difficult to be obtained in time within which case granting of pension is unnecessarily delayed.

3) Migrant Workers:

The migrant laborers additionally don't qualify for pension. throughout the amount 1999 to 2002 regarding three.24 million Bangladeshis migrated for overseas employment and within the same amount the remittances sent by them to Bangladesh amounted to regarding US$ twenty three.7 billion. Despite positive effects of the remittances of the migrant employees within the economy they hardly qualify for pension on return and that they face downside for reintegration and rehabilitation. This case provides rise to issue within their return in the society and at the adulthood they become vulnerable.

ANALYZE THE MATTER (SWOT analysis):

Strength:

Amongst all the various kinds of pensions allowed by the govt. of Bangladesh, Compensation pension holds the utmost quantity of positivism.

Compensation pension could be a pension provided to those staff WHO have lost their jobs attributable to the termination of their posts or finish off of the companies or organizations they add.

1. In a very country like Bangladesh, that is each politically and economically unstable, there's no guarantee of somebody's employment. Thanks to the economic fluctuations and crisis several companies usually declares bankruptcy and have the necessity of move down their companies or could downsize employees to chop their prices. This sharp saving ends up in the cancellation of the posts of the many full-fledged and well worth staff.

2. The simplest issue regarding this compensation pension is that it provides the staff to urge appointed in new posts or transferred into new organizations. This reduces the burden on them, as they'll hope to urge an honest job everywhere once more.

3. Compensation pension provides plenty of opportunities to the staff. If the quantity of staff area unit reduced and if a permanent worker gets retrenched in a very fundamental measure of but 3 months, then proportional compensation would have to be compelled to be bought the amount falling wanting 3 months. This works as a security issue for the staff.

4. Providing compensation in Bangladesh ought to be taken additional seriously as these employees area unit important persons, area unit virtually like assets of the society, and as their laborious works raise the higher gross domestic product and economic conditions of the country.

Weakness:

Invalid pension is on the face of it the foremost weakest amongst all the opposite pensions.

Invalid pension could be a incapacity pension, that is given to AN worker once he or she becomes invalid for good, physically or mentally.

1. Invalid pension is principally discovered in government services and this can be the best weakness of this pension. There are a unit twenty million labors operating within the agricultural sector and nineteen million operating within the industrial sector WHO aren't coated by pensions, whereas these area unit the those who area unit largely in would like of invalid pensions.

2. Bangladesh's industrial sectors carries with it clothes, factories, real estate’s etc. once a year many folks area unit being skinned thanks to fireplace by operating in clothes or obtaining electrical shock by operating in factories. Several area unit skinned by falling down from high-rise buildings whereas performing on the development sites. However, their injuries area unit usually unnoted and that they area unit hardly paid something for his or her health. They disabled for time period and can't do something for his or her poor family members; it becomes terribly unfair for them. The general public sector and personal sector employees each contribute to the economy and then each merit compensations.

Opportunity:

1. As there's some lacking in invalid pension system, the govt. will create some changes and a few new policies that will rectify the matter and facilitate the govt. in making a much better and stronger pension system for its voters.

2. There's no pension being offered to employees WHO area unit performing at the economic sector. In a very country like Bangladesh, employees during this specific sector area unit exposed to several risks whereas they're at work as a result there's a high chance of them being severely skinned. The govt. will take this chance in providing pension to such employees. This might attract additional and additional employees during this field and supply them with a secure work setting and a secure life once their retirement

Threat:

1. The employees WHO area unit within the service of the govt. or of any funded company organization or authority area unit solely entitled to pension and retirement edges, however there's no provision for pension for the persons operating in agriculture and industrial sectors. These employees represent virtually half the whole employment within the country and area unit the most important contributor to the gross domestic product of the country. Thanks to no pension or retirement edges of those employees, they like better to migrate to a different country for a much better employment. Several employees area unit about to alternative countries for a much better work as a result the country is cashing in on the remittent they send however the country additionally faces threat of losing its manpower.

RECOMMENDATION:

Documents and process of documents will be reduced:

People typically get pension once they're sixty five years older. once providing service to the country for such an extended time we have a tendency to shouldn’t place this staff undergo such trouble of work as once their retirement so as to urge pension they need to supply varied documents of their work. the quantity of documents will be reduced and will be collected because the paper process additionally takes an extended time thus some documents and also the process will begin 2/3 years before they begin retiring. Edges ought to be provided to staff as early as potential. Procedures shouldn't