Md. Riday Khan

· 19 Nov 2021

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What are iras

individual retirement account.

An individual retirement account in the United States is a form of" individual retirement plan", supplied by multiple financial institutions, that provides tax betters for retirement savings.
It is natural to question whether the government can realize the pain of the retired teachers and staff of private schools, colleges and madrasas who have been living in dire straits year after year without receiving retirement allowance and welfare benefits. Because, if their suffering could be realized, realistic and effective initiatives would have been taken in so many days. The people who have served as human craftsmen all their lives are now suffering at this stage of their lives. It is a shame for the nation.

According to the report, these teachers and staff are facing a dilemma to get money for retirement and welfare benefits. However, a large part of the money they receive from this sector is deposited from their salaries. Now they have to wait for at least two and a half years to get the money. A year and a half ago, they could not expect to receive welfare benefits. In order to get this money, teachers and employees of private educational institutions have to swear in the Retirement Benefits Board and Welfare Trust office on a daily basis.

According to the rules of the Board of Retirement and Welfare Facilities, teachers and employees of MPO registered (government subsidy per month for salary) educational institutions get two types of benefits after retirement. One leisure facility, another welfare facility. The amount of retirement benefits is more. As per the rules, private teachers and employees retire after reaching the age of 60 years or 25 years of service. However, when someone dies, his family gets a fixed amount of money. If you retire voluntarily after completing at least 10 years, the deposit is available with interest.

It is seen that the last retirement benefits have been given to the teachers and employees who retired till June 2017. At present, applications of 19 thousand 632 teachers and staff have been submitted. There are 15,100 applications for welfare benefits. Applicants are not receiving money. Because of the lack of funds.

Earlier, for retirement and welfare benefits, 4 and 2 percent of the basic salary were deducted per month respectively. Later it was increased to 6 percent and 4 percent respectively. After deducting money at the rate of 6 percent for retirement benefits, at present about 60 crore rupees is collected per month. But 60 crore rupees is required per month to give retirement benefits. This means that there is a deficit of 240 crore rupees per year. Now, all the teachers and employees who have submitted their applications need another Tk 2,000 crore at a time to pay the retirement benefits.

On the other hand, it is seen that 40 crore rupees is deposited in the welfare facility sector at present. But 50 crore rupees is required per month. The annual deficit is 120 crore rupees. A lump sum of Tk 650 crore is required to provide welfare benefits to 15,100 people who have submitted applications. Although the government has given Tk 360 crore in this sector in different financial years, it is not enough. An additional Tk 120 crore is required every year to resolve the crisis.

In the budget of 2019-20 fiscal year, the expenditure target of the government has been set at around Tk. Considering that aspect, it should not be difficult to provide these funds to these retired private teachers. Therefore, it is expected that the government will take initiative to pay the retirement allowance of all the applicant teachers and employees as soon as possible.

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