Finance Minister AMA Muhith on Wednesday said that government employees can encash their pension money by only 50 percent after their retirement, instead of previous 100 percent cash withdrawal option for retired government officers.
"The present government through a gazette notification issued on January 9 and with effect from July 1 this year abolished the provision of withdrawing 100 percent retirement benefits, a wrong decision that bereft the retired officials of enhanced benefits," he told the media after a meeting at the Secretariat.
Responding to a question on launching pension in the private sector, the minister said the government has undertaken a plan to introduce pension facilities in the private sector but it would take time. According to a circular issued by the finance division of the ministry of finance, the government employees can encash 50 percent of their pension money after retirement and rest of the amount can be drawn on monthly installments.
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