The Bangladesh Bank has instructed scheduled banks nationwide to adopt the Universal Pension Scheme (UPS) for their employees, aiming to expand the country’s social safety net. Excluded from this directive are state-owned banks. Implemented on January 31, 2023, by the government, the UPS targets elderly citizens, offering them monthly stipends for expenses. Previously, only government, semi-government, or autonomous organization employees received pension benefits. The scheme, initiated in August the prior year, seeks to support the growing elderly population by providing organized financial assistance. Eligibility spans citizens aged 18 to 50, including expatriate Bangladeshis. This move reflects a significant step towards a more inclusive social security system in Bangladesh.
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