Monthly Tk1,000 allowance sought for unemployed, poor
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Tuesday
July 05, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
TUESDAY, JULY 05, 2022
Monthly Tk1,000 allowance sought for unemployed, poor

Economy

TBS Report 
16 May, 2022, 01:05 pm
Last modified: 16 May, 2022, 10:24 pm

Related News

  • Cow rawhide price fixed at Tk47-52/sq ft in Dhaka
  • Bangladesh on track to holding 'free, fair, participatory' polls: FS
  • Sylhet flood situation improves as rivers recede
  • Universal Pension Scheme: Has it been thought through?
  • Kushtia trader who set himself on fire at Press Club dies 

Monthly Tk1,000 allowance sought for unemployed, poor

Tax-free income threshold at individual level suggested to be at Tk3.5 lakh 

TBS Report 
16 May, 2022, 01:05 pm
Last modified: 16 May, 2022, 10:24 pm
Monthly Tk1,000 allowance sought for unemployed, poor

Highlights:

  • Increased allocations to address pandemic fallouts 
  • Introduction of credit card for students 
  • Cross-check of market prices of fertiliser and seeds 
  • Support for social-media-based female entrepreneurs 
  • Introduction of health cards for the workers

The Citizen's Platform for SDGs, Bangladesh has urged the government to provide Tk1,000 as social safety allowance to unemployed youths and poor people to help them survive amid the rising inflationary pressure and recover from Covid-induced fallouts.

"The current per head allowance of Tk400-500 to the poor people is not helping them much and the amount is not rational in comparison with the increased per capita income," said Debapriya Bhattacharya, convener of the platform, while addressing a press conference at the CIRDAP Auditorium in the capital on Monday.

Debapriya recommended the introduction of an unemployment allowance of Tk1,000 per head monthly and called for bringing at least 10% (around 6.69 lakh) of the country's unemployed youths under the safety net initiative.

While presenting a study report on the current economic situation, upcoming budget and perspective of the "left behind" communities, he said the government will have to allocate some Tk5,863 crore more for FY2022-23 to ensure the minimum Tk1,000 allowance for the financially insolvent.

"Bangladesh's economy is yet to go back to its pre-pandemic level while the Russia-Ukraine War, supply chain dislocation, and rising commodity prices among other factors have made the situation worse," he said, adding that Bangladesh never saw so much economic pressure since 2007-08.

Professor Mustafizur Rahman, a core group member of the Platform, presided over the function, in which Farah Kabir, country director of ActionAid Bangladesh, and Tony Michael Gomes, director of World Vision, were present, among others.

"The government is formulating the budget at a time when the country is suffering from an unprecedented pressure of commodity price hikes even before the recovery of the pandemic. So, ensuring relief for the poor through checking commodity prices and restructuring the subsidy system should be a top priority now," Mustafizur Rahman said.

He further added that economic progress is always considered on the basis of average achievement, where important issues like distribution, fairness and inequality remain neglected.

Debapriya said, "Our savings are declining." Even in the pandemic-hit year of 2020, the savings was 31.42% of the GDP, which dropped to 30.79% the next year.

This year it has further dropped to 25.45%, which means people are struggling to save money due to financial hardship, he added.

He suggested that the tax-free income threshold at the individual level should be set at Tk3.5 lakh in the upcoming budget, while women and other disadvantaged groups may be given further leeway.

Describing the rising inflation as a new challenge for the economy, he said the government was talking about 6.22% inflation, but this was not at all consistent with reality. In such a situation, he suggested the government revisit bank interest rates.

"If the interest rates are not changed keeping pace with inflation rates and exchange rate of currency, the order of the economy will be hampered."

The government believes if the interest rates remain low, the flow of investment will increase. "But lowering interest rates failed to increase investment in the last few years."

"Although GDP growth is substantial now, we could not go back to the pre-pandemic level in terms of investment," he pointed out.

On employment status, Debapriya said large industries grew 13% in the current fiscal year, whereas small and medium industries grew only 11%. "Although small industries generate higher employment, their growth is comparatively lower."

In the upcoming budget, he suggested, necessary initiatives should be taken to increase employment through increased investment. The economist also recommended increasing allocations for human resource development sectors such as education, health and social security, as well as speeding up implementation.

Bangladesh / Top News

Bangladesh / Economy / Youth unemployment / Social Safety Net

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Sri Lanka admits bankruptcy, crisis to drag through 2023
    Sri Lanka admits bankruptcy, crisis to drag through 2023
  • Photo: Screengrab
    PM urges all to be cautious in using power, grow more food
  • Photo: Bloomberg
    BGMEA sets $100 billion apparel export target for 2030

MOST VIEWED

  • World Bank to give Bangladesh $18b IDA loans in next five years
    World Bank to give Bangladesh $18b IDA loans in next five years
  • Infographic: TBS
    Dhaka ranks as costliest city again in South Asia for expatriates: Survey
  • Dollar crosses Tk100 mark
    Dollar crosses Tk100 mark
  • Photo: Collected
    Tech startup ShopUp bags $65m in Series B4 funding
  • New monetary policy with higher policy rate comes Thursday
    New monetary policy with higher policy rate comes Thursday
  • Bangladesh expects $5.5b from WB, IMF in budget support
    Bangladesh expects $5.5b from WB, IMF in budget support

Related News

  • Cow rawhide price fixed at Tk47-52/sq ft in Dhaka
  • Bangladesh on track to holding 'free, fair, participatory' polls: FS
  • Sylhet flood situation improves as rivers recede
  • Universal Pension Scheme: Has it been thought through?
  • Kushtia trader who set himself on fire at Press Club dies 

Features

The OPEC+ group of 23 oil-exporting countries met virtually on Thursday. Photo: Bloomberg

OPEC+ did its job, but don’t expect it to disappear

2h | Panorama
Mirza Abdul Kader Sardar with AK Fazlul Haque, Chief Minister of Bengal, at Haque's reception at the Lion Cinema, Dhaka, 1941. Photo: Collected

Panchayats: Where tradition clings to survival

3h | Panorama
Illustration: TBS

Universal Pension Scheme: Has it been thought through?

5h | Panorama
Last month Swapan Kumar Biswas, the acting principal of Mirzapur United College, was forced to wear a garland of shoes for ‘hurting religious sentiments.’ Photo: Collected

Where do teachers rank in our society?

1d | Panorama

More Videos from TBS

Sanko Optical Company is producing world class lenses in the country

Sanko Optical Company is producing world class lenses in the country

14m | Videos
Photo: TBS

Russian forces now in control of Luhansk

4h | Videos
Australia will help Bangladesh after the LDC graduation

Australia will help Bangladesh after the LDC graduation

4h | Videos
Realme Narzo 50A Prime available now

Realme Narzo 50A Prime available now

17h | Videos

Most Read

1
TBS Illustration
Education

Universities may launch online classes again after Eid

2
Meet the man behind 'Azke amar mon balo nei'
Splash

Meet the man behind 'Azke amar mon balo nei'

3
Padma Bridge from satellite. Photo: Screengrab
Bangladesh

Padma Bridge from satellite 

4
World Bank to give Bangladesh $18b IDA loans in next five years
Economy

World Bank to give Bangladesh $18b IDA loans in next five years

5
Illustration: TBS
Interviews

‘No Bangladeshi company has the business model for exporting agricultural product’

6
Lee Hyun-seung (third from right), head of Korea Expressway Corp.'s Overseas Project Division, shakes hands with Quazi Muhammad Ferdous, head of the Bridge Authority of Bangladesh, after signing a contract on June 29 (local time).
Bangladesh

Korean company to oversee N8 Expressway in Bangladesh

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab
BENEATH THE SURFACE
Workers ready a passenger vessel with a fresh coat of paint to the deck ahead of the Eid-ul-Azha at a dockyard at Mirerbagh in South Keraniganj. The vessel getting the makeover plies the Bhandaria route and will take holidaying people from the city to their country homes. Eid will be celebrated on 10 June this year. The photo was taken on Monday. Photo: Mumit M

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net