Over 123,000 applications to get welfare funds
Teachers and employees of non-government educational institutions who have been waiting for retirement and welfare benefits are set to begin receiving payments from Saturday, August 15.
Prime Minister Tarique Rahman is scheduled to inaugurate the disbursement programme at a ceremony at the Osmani Memorial Auditorium in Dhaka, according to officials of the Ministry of Education.
The government had earlier approved payments for around 119,000 teachers and employees at a meeting at the Prime Minister’s Office on August 6. The number was later increased following a rise in eligible applications.
According to ministry sources, the Retirement Benefits Board will disburse funds against 70,119 applications, while the Welfare Trust will make payments against 53,477 applications.
Together, the two schemes will cover 123,596 applications. However, the actual number of individual beneficiaries will be lower because the same teacher or employee may qualify for both retirement and welfare benefits.
Around Tk 1,200 crore will be required for the retirement benefit payments, while approximately Tk 565 crore will be disbursed through the Welfare Trust.
Beneficiaries will not receive their entire outstanding amounts in the first phase because of limited availability of funds. The remaining dues will be paid later as funds become available.
A senior Education Ministry official said a teacher could receive up to Tk 4.5 lakh in retirement benefits and up to Tk 2.39 lakh in welfare benefits in the first phase. The actual amount will depend on the beneficiary’s position and grade.
Teachers and employees who submitted applications for welfare benefits by June 30 and retirement benefits by July 31 will be eligible under the current phase.
The payments will be transferred directly to beneficiaries’ bank accounts through the Electronic Fund Transfer (EFT) and iBAS++ systems, reducing the need to visit offices or depend on intermediaries.
Principal Md Mosharraf Hossain, secretary of the Retirement Benefit Board for Teachers and Employees of Non-Government Educational Institutions, said the full outstanding amount would not be paid at once.
The retirement and welfare funds are financed through contributions from teachers and employees, interest earned on bank deposits, government allocations and bond benefits.
Previously, contributions were collected at 6 percent of basic salary for retirement benefits and 4 percent for welfare benefits. In addition, Tk 100 is collected annually from each student at admission, with Tk 70 going to the retirement fund and Tk 30 to the welfare fund.
The latest disbursement is expected to provide relief to thousands of teachers and employees who have been waiting for their retirement and welfare dues.
