Universal Pension Scheme of Bangladesh: A Comparative Study with Australian System

Abstract

This study examines the complex world of universal pension plans, illuminating its technological role, social welfare impact, historical development, and economic ramifications. Through a worldwide examination, the research juxtaposes various models and variants among nations, drawing conclusions and producing fact-based policy suggestions. The economic aspect looks into the viability of universal pension plans financially and examines how they affect public coffers and long-term economic stability. Concurrently, the influence on social welfare explores ways to reduce poverty, raise living conditions, and promote the general welfare of the senior citizenry, highlighting the contribution of the programs to the betterment of society. Important topics covered are public perception and participation, which look into what influences people's awareness, trust, and level of personal involvement. The paper addresses the issues brought on by aging populations and takes into account how well these plans adjust to changes in the population. The focus of this research is on the use of technology in universal pension plan administration, specifically looking at digital solutions that improve efficiency, inclusivity, and transparency. To further comprehend the collaborative dynamics and stakeholder involvement in designing and altering these programs, an assessment is conducted of the inter-agency coordination and public consultation processes. This research contributes comprehensive insights to policymakers, practitioners, and researchers in the field of social security and retirement planning. By addressing global perspectives and specific case studies, it aims to inform evidence-based decision-making, fostering the continued development and enhancement of universal pension schemes worldwide.