Expatriates to get 2% incentive on remittance, insurance facility

Staff Correspondent : The government is going to provide 2% incentive on money remitted by expatriate Bangladeshis from the FY2019-20 onwards. Prime Minister Sheikh Hasina, while presenting the budget on behalf of Finance Minister AHM Mustafa Kamal, stated that the incentive will only be applicable for money sent into the country through legal channels.

According to Bangladesh Bank, the country received remittance worth $15.06 billion in the first 11 months of the current fiscal year (FY2018-19). In May, Bangladesh received $1.76 billion—the highest amount of monthly remittance till now.

The prime minister said Bangladesh’s remittance inflow in FY2005-06 was $4.9 billion, which tripled to reach $15 billion in 2018. She proposed allocating Tk 3,060 crore for the incentives.
Prime Minister Sheikh Hasina also unveiled a plan to provide life insurance facilities for expatriates as they, and their families often find themselves in a complex situation after any workplace accidents. She said expatriate Bangladeshi workers and their families often incur financial losses due to accidents, and various other causes as there are no insurance facilities available to them. “Preparations have been taken to bring the expatriate workers under the insurance scheme, which will be implemented shortly,” she added. Ovibashi Karmi Unnayan Program (OKUP) Chairman Sharikul Islam said, it was unfortunate that despite an overall increase in the national budget, allocation for the Ministry of Expatriates’ Welfare and Overseas Employment has gone down. Budget allocation for the Ministry of Expatriates’ Welfare and Overseas Employment has gone down from Tk596 crore to Tk591 crore.