Contextualising SDG Targets for the Senior Citizens in Bangladesh
Introducing a ‘Universal Pension Scheme’
Bangladesh’s journey of dual transition from a least developed country (LDC) to a developing country, and from a low-income country to a lower middle-income country–entails that it will need to design and pursue policies that are commensurate with the growing expectations of its citizens for better social welfare and a more economically secured life which reflect its economic achievements. The number of people over 60 years of age in Bangladesh is projected to constitute 20 per cent of total population by 2051. This demographic momentum makes it necessary and urgent to undertake policies that guarantee a secured life for its senior citizens. Introduction of a UPS demands careful and prioritised allocation in this connection. The idea of a Universal pension scheme (UPS) is also aligned with five specific targets across five SDGs which concern social protection for the elderly and other vulnerable groups in the society. As may be recalled, the government of Bangladesh is also committed to establish a comprehensive pension system for the elderly citizens of the country. The present study aims to contribute to the design of the proposed scheme by the government by coming up with a framework for the proposed UPS, financing modalities and regulatory–institutional architecture to facilitate operationalisaion of the proposed UPS.
With a view to introduce a UPS in Bangladesh, the study first undertakes an analysis of the available secondary information concerning social security for the senior citizens at the country level. Rationale for introducing a UPS is justified on the grounds of aligning the scheme with commitments of the Seventh Five Year Plan, the SDGs, election manifesto of the ruling party and budgetary commitments. Analytical framework was designed based on detailed review of the literature and national and global-level policy documents. Secondary data on the labour force, government budget and financing are then analysed to estimate the costs, benefits and sources of financing related to various proposed scenarios. Perspectives of government officials, civil society experts, think tank members, private xiv Contextualising SDG Targets for the Senior Citizens in Bangladesh
Authors: Mustafizur Rahman, Towfiqul Islam Khan and Mostafa Amir Sabbih
Published by: Centre for Policy Dialogue (CPD)
Publishing period: December 2020