During the upcoming parliament session, the National Council will deliberate on the review report of the National Pension and Provident Fund. According to the Good Governance Committee, the fund requires revision in response to inflation, updated tax regimes, and changing economic realities.
According to the Good Governance Committee, the existing pension and provident fund that employees receive after retirement is insufficient.
Kencho Tshering, Good Governance Committee’s Chairperson said, “People complain that the fund they receive is insufficient due to rising prices. It is high time to review it, and we are currently working on around eight recommendations.”
He added that the country’s current social protection coverage stands at around eleven per cent, far below the global average of around 80 to 85 per cent. And there is a need to strengthen social protection in the country.
Currently, the fund covers three categories: public servants, private sector employees, and members of the armed forces with almost 70,000 beneficiaries.
So, discussions have also been held with the Central Monastic Body regarding the inclusion of monastic institutions in the scheme.
The Chairperson said, “The Central Monastic Body is one of the oldest institution in our country. They serve the nation for many years, and when they grow old, they often have no one to depend on. That is why we would like to provide them social protection by including them in the scheme.”
Besides this review report, the National Council will deliberate on eight bills, two agreements and a convention, review reports and follow-up reports.
The month long National Council session will begin on Thursday.
Deki Lhazom
