Starting July 1, officials and staff members appointed to government, autonomous, and similar entities will be integrated into the Universal Pension Scheme (UPS), announced Md Golam Mostofa, a National Pension Authority (NPA) representative.
However, existing personnel in these organizations won’t be eligible for UPS benefits, clarified Mostofa.
In a bid to bolster participation, Bangladesh Bank (BB) has directed the managing directors (MDs) and chief executive officers (CEOs) of scheduled banks to encourage staff from private banks to enroll in the pension scheme.
The UPS, introduced on August 17 last year, targets the entire population above 18 years, offering lifelong pension coverage upon reaching 60. Within six months, approximately 19,158 individuals have contributed to the UPS, amassing around Tk28.67 crore.
Initially, four of the six pension schemes—Pragati, Surokkha, Samata, and Prabashi—were rolled out, with the remaining two slated for later launch.
Despite its potential benefits, many citizens remain unaware of the UPS, prompting the NPA to facilitate expatriate participation and initiate outreach campaigns to raise awareness among locals.
On March 13, the Finance Ministry issued a gazette notification aligning with the Universal Pension Management Act-2023, mandating inclusion of new hires from July 1 under the pension scheme.
Additionally, the Banking Regulations and Policy Department of Bangladesh Bank issued a directive on February 8, urging private banks to engage their employees in UPS to foster a comprehensive social security network.
The move underscores the government’s commitment to expanding social security coverage across diverse sectors, as private bank staff are now encouraged to join the UPS, furthering the scheme’s inclusivity agenda.
