Myanmar has nearly 1 million pensioners and has to spend about Ks1.1 trillion on pension and retirement gratuities every year, said Union Minister for Planning, Finance and Industry Soe Win. 

The minister revealed the information during the meeting (1/2020) of the Central Provident Fund Implementation Committee. 

He stressed the need for government departments to assess mass-employment, saying that there would be a huge sum of money for pensions in 20 or 30 years to come. Therefore, the government was considering the establishment of the Central Provident Fund that will be raised with the contributions of government and civil servants. 

“If staff members contribute 5 percent of their salary and the government keeps 5 percent as well, a central provident fund will emerge,” the minister said.