One month has been completed for the first ever government-launched universal pension scheme in the country. Till Sunday, 12 thousand 970 people have come under the pension scheme, who have opened accounts and paid the subscription. At this time, 7 crore 67 lakh 27 thousand 500 rupees have been deposited.
In the budget session of the financial year 2022-23, a specific announcement was made to introduce the universal pension system.
In continuation of this, ‘Universal Pension Management Act, 2023’ was passed by Jatiya Sangsad with the aim of launching universal pension scheme. Prime Minister Sheikh Hasina inaugurated the universal pension scheme on August 17. After that the universal pension program was opened for all.
Golam Mostafa, a member of the National Pension Authority, said that the number of registrations in the pension scheme is much higher.
But at the moment, rather than opening accounts, their main goal is to reach the general public with the pension scheme, he said.
Golam Mostafa said, “One month is not too long.” If we can’t reach even the remotest villages, if we can’t reach the diaspora, then we don’t have much hope. We are trying that now.
He said, ‘One month is not much time for such a scheme. Those who joined joined on spontaneous urge. More campaigns are needed on this issue. Another thing is that people are also calculating their financial capacity before doing the scheme. People have to give time, we are doing our best.
We hope it will increase in the future.
The relevant officials of the finance department said that the national pension system is in operation in many countries of the world. Which are running fine. The money accumulated in the public pension sector in Bangladesh will go into profitable investments, the profits from which will be credited to the scheme. As a result, the speed should not increase much. And the fixed contribution for pension will be treated as investment and will be eligible for tax rebate and the monthly pension amount will be free from income tax.
There are now a total of four types in the public pension scheme—migration, progression, protection and equity. Each scheme is targeted at a different class, hence the amount of contribution is also different. However, most accounts have been opened in the Pragati scheme. The total number of accounts of Pragati Scheme is 6 thousand 176. This scheme is for the employees of private companies. In this case, the subscription rate has been divided into three parts. Anyone can participate in this scheme by paying two thousand, three thousand or five thousand taka per month. Again the organization or the owner of the organization can also participate in Pragati Scheme. In that case, half of the total contribution will be borne by the employee and the other half by the institution. During the inauguration, the government announced a total of six schemes. However, Golam Mustafa said that there is no aim to launch the remaining two for the time being.
The authority is operating a call center 24 hours a day, seven days a week for any information related to pension. Any citizen can know the details of this scheme by calling 333 from any mobile number.
The National Pension Authority says that the pension system has been introduced to benefit the people of all walks of life in the country. In particular, the aging population is growing due to the increase in average life expectancy. As a result, their social security will be provided by the universal pension system.
Citizens of all classes and occupations between the ages of 18 to 50 can participate in this scheme as per National Identity Card. In other words, national identity card is required to be a part of public pension scheme. But there is an exception for expatriate Bangladeshis. Those who don’t have national identity card can register with passport if they want, but in that case they have to collect the national identity card and submit its copy as soon as possible.
To register for Universal Pension Scheme visit the website upension.gov.bd. There the person will register in a few steps with his National Identity Card, Mobile Number and E-mail. Bank account information will be required at this time. Anyone can nominate one or more people if they want. In addition to the monthly subscription, one can pay the full subscription every three months or once a year. In case of failure to pay the subscription within the due date, the subscription can be paid without penalty till the next month.
A late fee of one percent per day thereafter will be added. If one does not pay three consecutive installments, his account will be suspended. Subscription can be paid online and through any mobile banking service. For the time being only Sonali Bank has opened universal pension scheme accounts. If you want, you can go directly to Sonali Bank to register and pay the subscription. Those who have crossed the age of 50 can also participate in the universal pension scheme. But in that case he will get pension after 10 consecutive years of contribution. That is, according to the scheme, the person will start getting pension from the government only when he is 60 years old, he will not have to pay any more contribution. But if one reaches the age of 55 and participates in the scheme then he will start getting pension from the age of 65. Prime Minister Sheikh Hasina inaugurated this scheme in Sambar on August 17.
According to the Universal Pension Scheme Rules issued by the Finance Department of the Ministry of Finance, the recipient will get lifelong pension benefits from the age of 60 years if he joins the scheme. If he dies after paying the subscription, his nominee or heir will get pension for 15 years.
It is said that two more types of packages may be introduced for workers and students later.
On Saturday, Planning Minister MA Mannan said in an event organized on the universal pension scheme, “If a good amount of money is raised from this scheme, then we can take loans from here for the development sector.”
