Tk1,26,272 crore allocated for social security programme in budget FY2024
The proposed budget allocation for social safety programmes is 16.58% of the total budget allocation and 2.52% of GDP
Tk1,26,272 crore have been proposed to be allocated for the social security programme, which is 16.58% of the total budget allocation and 2.52% of GDP, as Finance Minister AHM Mustafa Kamal presented the national budget at the Jatiya Sangsad today.
"We have systematically designed our social security programmes for the upcoming year, considering our government's fundamental goals, objectives, and the current socio-economic situation. In the coming fiscal year, some proposals for increasing the amount of allowances and number of beneficieries in the social security sector have been made," the finance minister said while presenting the budget.
Under the proposed budget, the number of elderly beneficiaries will increase from 57.01 lakh to 58.01 lakh, and the monthly allowance will be raised from Tk500 to Tk600.
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The number of widows and destitute women beneficiaries will increase from 24.75 lakh to 25.75 lakh, and the monthly allowance will be raised from Tk500 to Tk550.
The number of disabled beneficiaries will increase from 23.65 lakh to 29 lakh. It should be noted that all those covered by the disabilitity database have been brought under this allowance.
Monthly educational stipends for disabled students will be enhanced to Tk 900 for the primary level, Tk950 for the secondary level, and Tk 950 for the higher secondary level from the previous rates of Tk750, Tk800, and Tk900 respectively.
In the new proposed budget, the number of transgender beneficiaries will increase from 4,815 to 6,880 and the number of special beneficiaries will increase from 2,600 to 5,620.
The number of beneficiaries of Life Improvement Programmes for the underprivileged population will increase from 69,573 to 82,503 and the number of special beneficiaries will increase from 45,250 to 54,300. Additionally, the number of scholarship recipients will increase from a total of 21,903 to 26,283.
The number of beneficiaries under the Mother and Child Assistance Programme will increase from 12,54,000 to 13,04,000.
In the employment Programme for the extremely poor and the daily wage rate will be increased from Tk200 to Tk400.
The finance minister said: "In addition to changes in the number of beneficiaries and allowances, we have introduced a more targeted, transparent, and accountable approach to the social security Programmes by implementing the Government-to-Person (G2P) method. Under this approach, already in 22 out of 25 cash-based programmes each beneficiary is receiving monthly allowances directly into their preferred bank account or mobile account through Electronic Funds Transfer (EFT) on a specified date."
In next FY the rest cash-based programmes will be brought under G2P, he added.
"Now over 80% cash based social security programmes are being implemented through G2P," AHM Mustafa Kamal said.
With a focus on inflation, job creation, fourth industrial revolution and "Smart Bangladesh", Finance Minister AHM Mustafa Kamal on Thursday (1 June) placed before the Jatiya Sangsad a Tk7.61 lakh crore National Budget for the Fiscal Year 2023-24.
This will be the largest budget for Bangladesh, a long way from the first budget of Tk786 crore budget placed by Tajuddin Ahmed for the FY1972-23.
The latest budget is 12.34% bigger than the last one, which was originally proposed to be Tk6,78,064 crore. This was the last budget of the present Awami League government's five-year term.
Finance Minister AHM Mustafa Kamal delivered his budget speech with the title "Unnayner Derdoshok: Smart Bangladesher Abhimukhe."
The budget was prepared with an emphasis on ensuring people's employment through business expansion.
