The ministry plans to set up a central providence fund for pensioners instead of contribution by the government, said Union Minister for Planning and Finance Soe Win.

The number of pensioners in the country is at almost one million. Pension fund accounts for one-sixths of revenue incomes. The ministry wants to give pension to those who had long worked for the country in order to show respect to their long efforts for the country. Pension alone makes the country’s budget decline. We will implement a central providence fund to be contributed both by civil servants and the government, he added.

Currently, the ministry is drafting a bill for the establishment of central providence fund. Since the inception of central providence fund, a certain percentage will be deducted from salaries of all civil servants.

Since January this year, the government increased the salaries of pensioners as per the pay increase in April, 2018.

According to the figures in 2017-2018 fiscal year, Myanmar has 744,203 pensioners.