PM unveils ‘Universal Pension Scheme’

Prime Minister Sheikh Hasina has inaugurated the much-anticipated ‘Universal Pension Scheme’ for ordinary citizens.

She unveiled the scheme after joining virtually from her official residence Ganabhaban on Thursday (August 17) noon.

Prime Minister’s Principal Secretary Md Tofazzel Hossain Miah moderated the function while Senior Secretary of the Finance Division Fatima Yasmin gave the address of welcome.

People at home and abroad will then be able to register with the scheme. But the registration will be on a limited scale. At first, people aged 18-50 years will be brought under the coverage of the universal pension scheme, but the government later decided to relax the age limit to bring the people aged over 50.

At present, four categories of people -- expatriate Bangladeshis, private service holders, workers of informal sectors and insolvent people, will be brought under the coverage of the pension scheme.

The monthly fee is likely to be Tk 500-5,000, and there will be an opportunity to increase the scheme and the amount of fee.

Meanwhile, the public administration ministry has taken an initiative to form an independent insurance company for the government employees just before the launch of the universal pension scheme. The insurance company may be formed under the Bangladesh Employees Welfare Board.

The government has already formed a two-member National Pension Authority to execute the pension scheme formulated to provide pension services for the common people.

Kabirul Ezdani Khan, an additional secretary of the finance division, has been made the executive chairman of the body, and Golam Mostofa, another additional secretary of the division, is the executive member.

In January, the government enacted the Universal Pension Management Act-2023.