Bangladesh is set to launch the Universal Pension Scheme on August 17, a groundbreaking initiative aimed at providing sustainable social security for elderly citizens from private and informal sectors, expatriates, and impoverished individuals. The scheme offers four categories: “Probas” for expatriates, “Progoti” for private employees, “Surokkha” for the informal sector, and “Somota” for the very poor. By enrolling at 18, contributors can receive substantial benefits, such as receiving 12.31 times their total contributions in monthly pensions from age 60 to 75. This move is expected to not only ensure social security but also gradually reduce the dependency on existing welfare programs. The Universal Pension Authority will oversee the scheme, with enrollment possible through an online application, and the government plans to include around 10 crore citizens in this comprehensive social safety net.
With the average life expectancy projected to rise and the working-age population at 62%, the Universal Pension Scheme seeks to address future challenges by ensuring a sustainable social security framework. Expatriates, private employees, informal sector workers, and the impoverished can all expect significant benefits from this forward-looking initiative.
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