Cashback with profit on universal pension’s instalment payout thru’ Nagad

Nagad is offering a cashback with profit offer for aspiring pensioners under the government's newly launched Universal Pension Scheme.

Aspiring pensioners will get cashback with profit for the deposit instalments made under the scheme in the remaining months of this year using the Nagad wallet, said a press statement on Thursday (17 August).

The customers can avail the cashback at the beginning of the next year, it said.0

Prime Minister Sheikh Hasina launched the much-awaited "Universal Pension Scheme" virtually from her official residence Ganabhaban on Thursday, with a view to bringing the country's growing elderly citizens under a sustainable financial security system.

Nagad, involved in providing financial services in collaboration with the government, will play an active role in popularising the Universal Pension Scheme, said the press statement.

Founder and Managing Director of Nagad Limited Tanvir A Mishuk said, "We are moving towards building Smart Bangladesh. In continuation of it, the government has taken up such a noble initiative for people's future financial security.

"We have always been a supporter of various government welfare initiatives. As part of it, we have decided to pay back the pension instalments deposited through Nagad to our customers in the form of cashback. This is our small effort so that people can respond to this great initiative and secure their retirement life." 

How to pay subscriptions using Nagad

According to the press statement, Nagad has been connected to the system that allows the payout of instalments under the pension scheme instantly in the comfort of people's homes.

Those who want to come under the universal pension scheme must register first. On completion of the enrolment, a number will be available, with which all the relevant procedures, including payment of subscriptions, can be done. 

A customer needs to visit the website – https://www.upension.gov.bd/Public/Packages, find the subscription payment options, go to the mobile banking option and select Nagad to make his or her monthly contribution. 

Packages under pension scheme 

The government has primarily rolled out four packages under the pension scheme – Progoti for private sector employees, Shurokkha for self-employed and informal sector workers, 

Probash for expatriate Bangladeshis, and Samata for insolvent individuals. 

All citizens aged between 18 and 50 will be eligible to enrol in the universal pension scheme. They will have to pay instalments up to the age of 60 and after that, they will start receiving pension benefits every month until death.  

Under Progoti and Shurokkha packages, the monthly subscription ranges between Tk1,000 to Tk5,000, while the instalment option is Tk5,000 to Tk10,000 per month under the Probash package. The Samata package is designed with a monthly instalment of Tk1,000.