Bangladesh boosts Universal Pension Scheme contributions to Tk10,000

DHAKA – The Bangladesh government has announced an increase in the monthly contribution limit for the “Pragati” component of its Universal Pension Scheme to Tk10,000. This move is part of the country’s efforts to enhance the retirement security of its citizens.

In a significant step toward expanding the pension system within the private sector, officials Kabirul Ezdani Khan and Abdus Samad Al Azad signed a Memorandum of Understanding (MoU) today. The agreement between the National Pension Authority and the Registrar of Joint Stock Companies and Firms (RJSC) is aimed at streamlining the process for private sector employees to register for pensions.

The Universal Pension Scheme, launched on August 17 by Prime Minister Sheikh Hasina, introduced four components: ‘Pragati’, ‘Probash’, ‘Surokkha’, and ‘Samata’, each catering to different segments of the population. Since its inception, the scheme has seen significant engagement with approximately 287,000 entities registered with RJSC as of October. This registration process has facilitated over 16,000 nationals enrolling in ‘Pragati’ and has led to a robust investment by authorities amounting to Tk113.10 million (USD1 = BDT110.461) in ten-year treasury bonds.

The latest enhancement to the pension contributions reflects the government’s commitment to providing a sustainable and reliable financial foundation for retirees. By increasing the contribution ceiling and simplifying registration procedures, Bangladesh is taking concrete steps towards securing the financial future of its workforce.

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