National Pension Authority formed for pension scheme

The government has formed the National Pension Authority to bring in people of all walks of life under the universal pension scheme.

According to a Finance Division notification issued Sunday, the authority has been formed as per the relevant section of the Universal Pension Management Act, 2023 which was passed in the parliament on January 24.

However, the notification did not mention details about the authority members.

Under the Universal Pension Management Act, 2023, all citizens aged between 18 and 50, except for government employees, will enjoy pension facilities. Expatriate Bangladeshis can also avail pension facilities as they can get registered under the scheme.

The inclusion in the pension scheme will be voluntary unless the government issues a gazette for making it mandatory.