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South Korea to help capacity building for Universal Pension Scheme

As part of this capacity building provided by KOICA, five key officials from the Finance Division will be attending an extensive training program from September 4-12 in the Republic of Korea to foster knowledge exchange, skill enhancement, and best practice adoption, reports UNB.

The training programme is designed to provide participants with insights into South Korea’s advanced pension management practices and administrative strategies, enabling them to drive positive reforms within their own system.

The Korean National Pension Service is the third-largest in the world, managing $800 billion in assets, and is equipped with a state-of-the-art system for secure and accurate management of the national pension, said a media release.

An orientation for five high-level officials from the Finance Division was organised on Sunday by the Korea International Cooperation Agency (KOICA) at Bangladesh Secretariat in a bid to enhance capacity-building for the effective management of the country’s national pension scheme, which has been launched by Prime Minister Sheikh Hasina earlier this month aiming to bring the citizens, aged above 18, under the pension coverage.

Speaking at the ceremony, Kang, Hyun Suh, Deputy Country Director of KOICA Bangladesh Office said that KOICA is pleased to be a part of Bangladesh’s journey to be a ‘Welfare State’ aspiring to achieve a middle-income country’s economic status.

She reiterated the hope that by equipping the officials with the necessary tools and knowledge, KOICA under its CIAT (Capacity Improvement and Advancement for Tomorrow) programme aims to elevate the standard of pension scheme management in Bangladesh, ultimately benefiting its citizens.

Kabirul Ezdani Khan, Additional Secretary (Budget & Expenditure Management) and Executive Chairman (National Pension Authority), who will lead the trainees, stated that this training will be a critical step toward advancing the nation’s pension management capabilities, as well as enriching the expertise of our officials, allowing them to contribute more effectively to the welfare of our retirees.