The Central Bank says that it has initiated the pension fund, which will benefit employees who are not entitled to a government pension.
The budget this year proposed to grant a pension to workers who are in the semi government and private sector. The pension fund is implemented under the monetary board of the Central Bank. More than eight million employees including migrant workers will receive benefits from the new fund.
Meanwhile, a citizen’s pension and insurance fund, linked to the social security board, will be launched for about three million workers in the Agriculture, Fisheries and self employment sectors.