Desk Report:

The Government launched the Universal Pension Scheme to bring the countrymen under a sustainable and well-organized social security framework. Prime Minister Sheikh Hasina inaugurated this scheme on 17 August 2023. The response rate of people to universal pensions has been unexpected since its inception. More than 18,000 people have registered in this scheme in the last 5 months, in this, Tk 26 crores have been collected as subscriptions, out of which Tk 20 crores have been invested.

It is planned to hold programs in every department to make people aware of the Universal Pension Scheme across the country. This program will be held with all public representatives and administration including the entrepreneurs of Union Digital Center.

It is learned from related sources that a plan has also been taken to create an opportunity to register from the digital center of the Union Parishad (UP) for the Universal Pension Scheme. Those who are unable to register by accessing online can register by visiting the Digital Center with the assistance of the staff there. A service charge will be imposed for this.

The concerned said that to make people aware of the Universal Pension Scheme, a campaign is being carried out in the schedule of Bangladesh Premier League (BPL), the country’s franchise cricket league. A jingle has been made and a call center has also been launched.

The application starts immediately after the launch of this pension scheme by the Prime Minister. The Government has introduced universal pensions with four schemes – Progoti, Surokkha, Somota, and Probash.

1,700 people completed the registration and paid the subscription fee on the day of the inauguration. They submitted a contribution of around Tk 90 lakhs. 8,551 people paid the subscription in the first week and the amount of subscription they submitted was 4 crore 39 lakh 25 thousand taka, i.e., Tk 4,39,25,000. At the end of the first month, the number of subscription payers stood at 12,999 and the amount of subscription they submitted was 7 crore 72 lakh 47 thousand 500 taka, i.e., Tk 7,72,47,500.

After 5 months till January 24, the number of people paying contributions to universal pension has reached 18,250 people and the amount of subscriptions they submitted is 26 crore 11 lakh 89 thousand taka, i.e., Tk 26,11,89,000. As in the beginning, the employees of private institutions are still ahead in paying contributions. They have paid more than half of the subscription.

7,592 people have registered and paid the subscription in the Progoti scheme launched for employees of private organizations. The amount of contribution they submitted is 14 crore 1 lakh 81 thousand 500 taka, i.e., Tk 14,01,81,500. That is, 53.67 percent of the contributions that have been deposited in the universal pension so far have been deposited by the employees of private institutions.

In second place in contributing are the working people in the informal sector or engaged in self-employment such as farmers, rickshaw pullers, laborers, blacksmiths, potters, fishermen, weavers, etc. A Surokkha scheme has been introduced for them. 7,573 people accepted this scheme and paid the subscription. The subscription amount submitted by them is 9 crore 12 lakh 50 thousand 500 taka, i.e., Tk 9,12,50,500, which is 34.93 percent of the total subscription.

The Somota scheme has been launched for those whose current income limit is a maximum of Tk 60,000 per annum. 2,567 people have contributed to this scheme. The amount of subscriptions they submitted is 83 lakh 57 thousand taka, i.e., Tk 83.57 lakh, where 3.20 percent of the total subscriptions came through this scheme. The monthly subscription rate of this scheme is Tk 1,000. Out of this, the scheme recipient will contribute Tk 500 and the remaining Tk 500 will be paid by the Government.

A Probash scheme has been launched for expatriate Bangladeshis. Expatriates who have accepted the universal pension scheme have so far deposited over Tk 2 crore. 518 people accepted the expatriate scheme and contributed, where they submitted 2 crores 13 lakh 90 thousand takas, i.e., Tk 2,13,90,000, which is 8.19 percent of the total contribution.

About the investment amount and investment policy of Universal Pension Scheme subscription, Universal Pension Authority member 0 said, “We have invested Tk 20 crore so far. The investment policy will now go to the Legislature, it is in the process.”

He also said that about 20,000 people have come under this protection. It will increase. “There is no better place to go than Social Security,” added Golam Mostafa.

“We have accelerated the campaign. Now we are promoting this in the BPL schedule. We did the jingle. Our program is being aired on BPL radio. We have taken departmental programs. A meeting will be held in every division with all public representatives and administration including representatives of Union Digital Center. The first will be in the Sylhet division. We have launched a call center. Various efforts are underway to make people more involved,” said this member of the Universal Pension Authority.

In the Universal Pension Scheme, a beneficiary aged 18-50 years will enjoy lifetime pension benefits up to the age of 60 years and a beneficiary above 50 years of age will enjoy a lifetime pension with a minimum contribution of 10 years. If the pensioner dies before attaining the age of 75 years while on pension, the nominee of the pensioner will receive the pension for the remaining period of the age of 75 years of the recipient of the pension scheme.

If the contributor dies at least 10 years before the contribution is made, the deposited amount along with the profit will be returned to the nominee. A maximum of 50 percent of the deposited amount can be withdrawn as a loan on the application of the subscriber.