MoU signed with 17 more banks to boost Universal Pension Scheme
41 banks are now involved in the scheme’s implementation
Highlights:
- New signatories include Bank Asia, BASIC Bank, Dhaka Bank, Exim Bank, Jamuna Bank, and others
- Total participating banks in the scheme now 41
- Pension Authority plans to include all domestic banks under similar agreements soon
- Universal Pension Scheme offers four tailored programmes with unique pension IDs
The National Pension Authority today signed a memorandum of understanding (MoU) with 17 more banks to accelerate the implementation of the Universal Pension Scheme.
The signing ceremony took place at the finance ministry's conference room and was chaired by Md Mohiuddin Khan, executive chairman of the National Pension Authority. Managing directors of the participating banks were also present.
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The banks that signed the MoU are Bank Asia, Bangladesh Commerce Bank, Bangladesh Development Bank, BASIC Bank, Bengal Commercial Bank, Dhaka Bank, Exim Bank, Jamuna Bank, Meghna Bank, Mercantile Bank, NRB Bank, NRBC Bank, SBAC Bank, Standard Bank, Simanto Bank, Social Islami Bank, and United Commercial Bank.
With the inclusion of these institutions, 41 banks are now involved in the scheme's implementation. The National Pension Authority has announced plans to gradually bring all domestically owned banks under similar agreements in the coming months.
The Universal Pension Scheme offers four tailored programmes – Probashi (expatriates), Pragati (private sector employees), Suraksha (self-employed), and Somota (low-income groups) – with each participant receiving a unique pension ID for real-time online tracking of contributions and returns.
In addition to post-retirement security, the scheme provides tax relief, credit facilities, and government co-contributions for disadvantaged communities.
