Universal Pension Scheme Hits 303,176 Registrations2 min read

The Universal Pension Scheme has achieved a significant milestone, crossing the three-lakh mark in registrations just ten months after its inception, the National Pension Authority (NPA) announced today. According to a press release from the NPA, the number of registrations reached 303,176 as of yesterday. The scheme has garnered total deposits of Tk 86.68 crore, with Tk 62 crore of this amount invested in treasury bonds.

The Universal Pension Scheme was inaugurated by Prime Minister Sheikh Hasina on August 17 last year, aiming to provide sustainable and well-organized social security for elderly citizens. Initially, the scheme launched with four plans: Probash, Progoti, Surakkha, and Samata. Recently, a new plan named Pratyay was introduced for officers and employees of self-governed, autonomous, and state-owned organizations, set to take effect from July 1 this year.

The breakdown of registrations for each scheme, as of yesterday, is as follows: Probash with 799 registrations, Progoti with 21,294, Surakkha with 56,919, and Samata leading with 224,164 registrations. The pension scheme authority highlighted the involvement of field administration in ensuring the scheme’s benefits reach the people’s doorsteps. To facilitate smooth operations, Universal Pension Operations Implementation and Coordination Committees have been established at national, divisional, district, and upazila levels, led by the Principal Secretary of the Prime Minister’s Office (PMO). Additionally, PMO officials have been tasked with department-wise monitoring.

Currently, two public banks, two private banks, and one mobile financial service provider are engaged in collecting monthly subscriptions for the pension scheme. The authorities plan to expand this network by involving four additional public banks, four private banks, and another mobile financial service provider. The NPA specified that beneficiaries aged between 18 and 50 can continue paying subscriptions until they reach 60 years of age, while those aged above 50 can pay for 10 years to receive a pension for life. The scheme is also open to Bangladeshi citizens working or residing abroad.

In case of a beneficiary’s death, the nominee will receive the pension until the beneficiary would have turned 75. If a subscriber passes away before completing 10 years of subscription payments, the deposited amount, along with any accrued profit, will be returned to the nominee. Subscribers also have the option to withdraw up to 50 percent of their deposit as a loan. This landmark achievement underscores the growing trust and reliance on the Universal Pension Scheme as a vital component of Bangladesh’s social security framework.

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