National Pension Authority formed to bring citizens aged 18-50 under 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, the body has been formed as per the relevant section of the Universal Pension Management Bill, 2023 which was passed in the parliament on 24 January.
However, the notification did not mention details about the authority members.
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Under the Universal Pension Management Bill, 2023, all citizens aged between 18 and 50, except for government employees, will enjoy pension facilities.
Every citizen at the age of 60 will get Tk34,000 monthly, after monthly deposit of Tk500 from the age between 18 and 50 and when they deposit Tk1,000 will get monthly Tk64,000.
According to the bill, expatriate Bangladeshis can also avail pension. 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 compulsory.
A person will have to pay a premium for at least 10 years to get pension from the age of 60 until death. The amount of premium will be determined by a rule to be formulated under the proposed law.
If an elderly person dies before the age of 75, the nominee will get the pension for the remaining period.
As per the bill, there will also be a 15-member governing body with the finance minister in the chair. It will include, among others, the Bangladesh Bank governor, the finance secretary, the National Board of Revenue chairman and the Bangladesh Employers' Federation president.
The governing body will hold at least three meetings per year.
