The government is considering allocating Tk 120 crore as a subsidy for 2 lakh Universal Pension Scheme (UPS) beneficiaries in the upcoming fiscal year 2024-25 budget. However, this figure may not reflect the final amount, as the Universal Pension Management Act of 2023 mandates the government to cover any additional costs beyond the allocated budget.
The Finance Division and the National Pension Authority (NPA) do not consider the amount of money allocated in the next financial year.
The government has allocated Tk 1.5 crore for FY24, while the requirement is Tk 21.5 crore.
Sources at the NPA said that 1.78 lakh customers registered in the Samata scheme by May 27. It is expected that Samata will have two lakh subscribers by next June. For the current fiscal year, the government has requested an additional Tk 20 crore.
As new customers are added, the amount will increase by Tk 500 per person apart from the recruitment of manpower and salary or the allowance for existing manpower.
It should be noted that the government will give a subsidy of Tk 500 to the customer of the Samata scheme who deposits Tk 500.
Regarding this, NPA Member Md Golam Mostofa told The Business Post, "It does not matter how much is allocated for the NPA in the next fiscal year because as the number of beneficiaries of the Samata scheme increases, so does the amount of subsidy.
"So we are not giving importance to budget allocation. Emphasis is placed on the number of receivers. Samata is obliged to give subsidies to scheme subscribers. In the meantime, we have given an additional Tk 20 crore for the current fiscal year."
In UPS, a beneficiary between 18 to 50 years of age will enjoy lifetime pension benefits till the age of 60 and a beneficiary above 50 with a minimum contribution of 10 years.
Suppose the pensioner dies before attaining the age of 75 while on a pension. In that case, the nominee of the pensioner will get the pension until the remaining age of the recipient of the pension scheme attaining the age of 75.
If the contributor dies at least 10 years before the contribution is made, the deposited money and the profit will be returned to the nominee. Only a maximum of 50 per cent of the amount deposited by the subscriber can be withdrawn as a loan on the subscriber's application.
Finance Minister Abul Hassan Mahmood Ali will deliver his speech on the new fiscal year's budget on UPS. The pension structure is assumed to be presented there.
Sazzad/Avro
