A total of 6,103 people have already registered for the newly launched Universal Pension Scheme (UPS) and paid Tk 3 crore as fee for the first month till Monday morning, according to the National Pension Authority.
Additional Secretary of the Finance Division and member of the National Pension Authority Golam Mostofa said, “We are getting huge response from the people. A total of 6,103 people have paid monthly fee for the scheme until 8:30 am on Monday.”
Half of the work for joining the pension scheme will be completed by getting registered, he said, adding, “The rest will be completed by paying their monthly fee after registration.”
The government launched the Universal Pension Scheme for the first time in the country on Thursday for the interest of the 85 per cent of people in the society who are engaged in the low-income and informal sector.
On 17 August, Prime Minister Sheikh Hasina inaugurated the much-talked-about UPS to bring all the people aged above 18 under the scheme, so that they can enjoy a lifetime pension facility after the age of 60.
The scheme will initially target four categories – private sector employees, non-resident Bangladeshis, individuals from the informal sector, and insolvent individuals. Individuals from various professions, such as rickshaw pullers, domestic workers, street vendors, and hawkers will be included in the informal sector.
All Bangladeshi citizens aged between 18 and 50 years can participate in this scheme and monthly subscription is from minimum Tk 500 to maximum Tk 10,000. Besides, there is an opportunity to change the programmes and increase the amount of the subscription of contributors.
According to the scheme, the contributors will get a monthly pension if they contribute continuously for at least 10 years.
The pension will be paid against the deposits with the accumulated profits in the pension fund on the completion of the age of 60 years of the contributor. Bangladeshi workers working abroad can also participate in this programme.
