Thousands of Teachers to Receive Partial Retirement Funds
More than 123,000 applications from MPO-listed teachers and employees will soon see payment. The Bangladesh government has started an important plan. It aims to reduce the long wait for retirement and welfare money.
Many private school and college teachers faced hardship. They waited months or even years for their benefits. Some teachers even died without receiving their dues. This caused much frustration among them.
Under the new plan, almost all retired teachers and employees who applied will get some money. This first payment covers what they contributed from their salaries during their service. The remaining amount will be paid later. This will happen based on the order of their applications.
Each teacher or employee can initially get up to Tk 450,000 for retirement benefits. They can also receive up to Tk 239,000 for welfare benefits. The exact amount depends on their pay grade.
Teachers who applied for welfare benefits by June 30 are eligible. Those who applied for retirement benefits by July 31 are also eligible. Prime Minister Tarique Rahman will launch this program. He will do so on August 15.
Ministry of Education sources said 70,119 teachers and employees will get retirement benefits. This will cost about Tk 12 billion. Welfare benefits will go to 53,477 applicants. This needs around Tk 5.65 billion.
A teacher or employee can get both types of benefits. So, the total number of individuals is less than the 123,596 applications. This initiative brings relief to many teachers. They expect the remaining money to be paid soon.
The Non Government Teachers & Employee Welfare Trust manages welfare funds. The Non Government Teacher Employee Retirement Benefit Board handles retirement funds. These funds come from teachers’ monthly contributions. They also get money from bank interest and government help.
Md Mosharraf Hossain is the secretary of the retirement benefit board. He said almost all applicants will receive the portion corresponding to their contributions now. The rest of the money will be given out as soon as it arrives. He hopes this will ease their suffering.
