The authorities is eager to introduce a nationwide social insurance scheme in Bangladesh in phases with an goal to boost social safety of the manufacturing unit staff and customary individuals, based on an official doc.
Officials with information of the method say a research has already been performed on this potential scheme, initiated by the Cabinet Division, by laying emphasis on the gradual introduction of 4 varieties of social insurance companies within the nation.
It envisages unemployment insurance, maternity insurance, illness insurance and employment harm Insurance, which is concentrated on the nation’s manufacturing unit staff, based on a doc obtained by UNB.
The Ministry of Labour and Employment has already taken steps to launch a pilot of the employment harm scheme to guard manufacturing unit staff from accidents.
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Officials concerned with the method say that making certain staff’ safety consistent with the worldwide customary is essential as human rights organisations and staff’ rights teams are extra vocal than ever about office safety and staff’ rights at residence and overseas. Global manufacturers, particularly within the garment sector, are involved about compliance relating to staff’ welfare.
According to a 2021 survey by Bangladesh Institute of Labour Studies (BILS), an NGO, a complete of 1,053 staff have been killed and 594 others injured in office accidents throughout the nation.
BILS analyses that such casualties and accidents came about primarily as a result of of highway crash, electrocution, lighting, fires, poisonous gases, waterway accidents, wall or roof collapse and explosion of gasoline cylinders
According to the doc, varied different steps have been taken and applied to make use of such insurance companies as “a disaster management tool.”
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It says steps have additionally been taken to introduce crop insurance, livestock insurance, and well being insurance for each the federal government workers and the widespread individuals.
“Particularly, the government is encouraging the introduction and widespread expansion of crop insurance,” reads the doc.
It says there are initiatives to completely automate the insurance sector to ease the trouble of gathering the payouts of insurance claims.
Steps shall be taken to strengthen monetary inclusion and promote nationwide financial savings by rising the protection of insurance, it says.
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Streamlining staff’ welfare, such steps are very important as about 85 p.c workforce of Bangladesh’s labour market is employed within the casual sector.
“As there is no institutional social security framework for the informal sector and expatriate workers, there are chances of uncertainty of livelihood at their old age,” it says.
In 2000, the quantity of the nation’s complete staff was 4.7 crore, which rose to six.35 crore in 2018.
The quantity of expatriate staff in 2000 was 28.6 lakh, which crossed 90 lakh in 2018, the doc says.
In 2020, the 60-plus inhabitants in Bangladesh was 1.20 crore, which can stand at 3.10 crore in 2041 and 5.57 crore in 2061.
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Currently, the anticipated common life expectancy is 73 years, which shall be 79.9 years in 2050 and 84.3 years in 2075.
Over the subsequent three a long time, there shall be a life expectancy of 20 years even after retirement.
Presently, the dependency ratio is 7.7 p.c which can rise to 24 p.c in 2050 and 48 p.c in 2075.
“The aging population will continue to grow due to the expected increase in average life expectancy,” based on the doc.
In the nation, the tradition of societal safekeeping that prevailed within the villages for the aged individuals via joint households is on the wane.
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The rising tendency to stay in unit households is making the safety of the aged individuals more and more threatened.
In the 2008 election manifesto, Awami League promised to introduce a common pension scheme nationally to make sure old-age safety for the aged residents beneath a sustainable and well-organised social safety framework.
Accordingly, the federal government, in its 2015 ‘National Social Security Strategy’, proposed the creation of a complete, built-in and participatory pension scheme.
In the funds speech for 2019-20 fiscal 12 months, Finance Minister AHM Mustafa Kamal outlined the institution of the common pension scheme.
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