BB instructs to bring financial institutions’ employees under UPS

Bangladesh Bank has given instructions to bring the employees and officials of financial institutions (FIs) under the universal pension scheme.

The financial institutions and market department of the central bank issued this notification on Monday as part of the government’s initiative to bring all citizens under the pension system.

The notification was sent to the managing directors and chief executives of all financial institutions in the country.

According to the notification, the government enacted the Universal Pension Management Act-2023 and the Universal Pension Scheme Rules-2023 on August 13, 2023, to cover people in all sections of the country, especially the elderly population, under a sustainable and well-organised social security system.

The universal pension scheme is open to the participation of officers and employees of private institutions or owners of institutions, persons working in the informal sector or self-employed, low-income persons living below the poverty line, and any Bangladeshi citizen working or staying abroad.