Understanding Universal Pension: Deposits, Eligibility, and Benefits

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Understanding Universal PensionThe Bangladesh government has recently launched the Universal Pension initiative, regulated under the Public Pension Management Act 2023. This transformative system comprises four distinctive schemes: Prabas, Pragati, Protection, and Samata, tailored to various segments of the population. Discover the comprehensive details about deposit amounts, eligibility criteria, and the wealth of benefits that await participants.

সর্বজনীন পেনশন : কত জমা দিলে কত টাকা পাবেন? বিস্তারিত জেনে নিন

Universal Pension Schemes Overview

  1. Prabas Scheme (Expatriate Bangladeshi Citizens):
    • Expatriate Bangladeshis can join by contributing Tk 5,000, 7,500, or 10,000 in foreign currency. The equivalent amount can be paid in local currency upon returning.
    • An expatriate depositing 10,000 taka per month for 42 years can receive a monthly pension of 3,44,655 taka.
  2. Pragati Scheme (Private Institution Employees):
    • Private organization employees or owners can engage by contributing Tk 2,000, 3,000, or 5,000 per month.
    • A private employee depositing 5,000 taka per month for 42 years could attain a monthly pension of 1,72,327 taka.
  3. Protection Scheme (Self-Employed Citizens):
    • Informal sector workers like farmers, rickshaw pullers, and weavers can participate by contributing Tk 1,000, 2,000, 3,000, or 5,000.
    • A 5,000 taka monthly contribution over 42 years could yield a monthly pension of 1,72,327 taka.
  4. Samata Scheme (Low-Income Self-Employed Citizens):
    • Low-income individuals below the poverty line can join by contributing Tk 1,000, with the government matching it.
    • After 42 years of consistent contributions, participants could enjoy a monthly pension of 34,465 taka.

Eligibility and Registration Process

  • Bangladeshi nationals aged 18 to 50 with a National Identity Card can apply for any applicable scheme.
  • Those over 50 can participate with special consideration.
  • Expatriate Bangladeshis without National Identity Cards can register using passport details, with an obligation to submit their ID later.
  • Individuals under existing social security programs must relinquish those benefits before joining.
  • The registration process involves filling out an online form on the National Pension Authority website.

Understanding Universal Pension Benefits

  • Regular contributions as per the scheme’s rate are mandatory after registration.
  • Expatriates can pay contributions in foreign currency through designated channels.
  • Penalties apply for late contributions beyond the due date.
  • Loan options are available for specific needs, repayable within 24 installments.
  • The universal pension system will be mandatory in the future, although it begins as a voluntary procedure.
  • Continuous contribution for at least 10 years is necessary for eligibility.
  • Pension accounts remain unchanged even after changing jobs.
  • Both individuals and organizations can participate, with contributions determined by the National Pension Authority.

Universal Pension System Highlights

  • By 2030, universal pension coverage will span the nation.
  • Eligibility spans citizens aged 18 to 50.
  • Pension benefits are lifelong.
  • Expatriates and workers abroad can participate.
  • Government and autonomous organization employees will eventually be included.
  • Pension accounts are linked to National Identity Cards.
  • Initially voluntary, participation will eventually become mandatory.
  • Monthly subscription rates are fixed, with expatriates able to pay quarterly.
  • Accounts can be temporarily suspended if the annual deposit is not met.
  • Participants can withdraw up to 50% of deposits for specific needs.
  • Tax deductions apply to pension contributions.
  • The portable system adapts to job changes and relocations.
  • The government may subsidize contributions for younger citizens.
  • Investments of pension funds are managed by the National Pension Authority.

Stay informed about this revolutionary Universal Pension system, tailored to secure the financial well-being of Bangladesh’s diverse population.

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