‘Behbood’ means ‘well-being’ so the certificates were launched for the well-being of pensioners and senior...
KARACHI: Nine years ago, the National Savings Centres began issuing ‘Behbood certificates’ to senior citizens. Most of the holders of these certificates receiving profit at the rate of 16.8pc are in their 70s. Issued in 2008, the certificates are due for renewal in the second half of this year. Upon their renewal, the present rate of profit, ie, 9.36pc would be applied on these certificates that means a monthly income of Rs42,000 on an investment of Rs3 million will be reduced to almost half, ie, Rs23,000 whereas the cost of living by now has gone up twice. One fails to understand as to how these senior citizens in this case would be able to make ends meet.
‘Behbood’ means ‘well-being’ and so the certificates were launched for the well-being of pensioners and senior citizens. Why has this ‘well-being’ been linked to the State Bank of Pakistan’s bank rate, which has come down to its lowest? It is odd that measures taken by the government for the well-being of senior citizens have also come down to the lowest with the downward fluctuations of the bank rate.
Last year, so many letters from senior citizens were published in newspapers but our ex-finance minister remained unmoved.
The present finance minister should pay attention to the issue in the forthcoming budget and an independent rate of ‘Behbood’ must apply to Behbood certificates, maybe at the minimum rate of 15pc (still saving the cost by 1.8pc — from 16.8 to 15pc) which should be raised with the increase in the cost of living in the country.
Aminur Rehman
Published in The Express Tribune, February 25th, 2018.
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