BB asks banks to implement universal pension

The Bangladesh Bank has directed scheduled banks across the country to implement the Universal Pension Scheme (UPS) for their respective staff and employees through encouragement.

This direction came in a central bank circular on Thursday. State-owned commercial and specialised banks will remain out of the purview of this directive.

The government implemented the Universal Pension Management Act on January 31, 2023, and Universal Pension Scheme Rules 2023 on August 13, 2023, in a bid to bring the Bangladeshi people – especially the older segment – into a sustainable social safety net programme.

Currently, the employees of government, semi-government or autonomous organisations receive pension benefits from the state.

Launched in August last year, the scheme aims at bringing the growing elderly population of the country under a well-organised social safety net and providing them with a monthly stipend so that they can meet expenses.

All citizens aged between 18 and 50 years, including expatriate Bangladeshis, are eligible.