All newly appointed public officials will be brought under the Universal Pension Scheme from July 1, 2025.聽
The operating expenditures of the Universal Pension system are being borne by the government and the profit earned by its fund is expected to be distributed among the pension policy holders.
Finance minister Abul Hassan Mahmood Ali made the announcement in his budget speech for the financial year 2024-25.
Already a decision has been taken to include the newly appointed officials of the state-owned enterprises under the scheme, he added.
鈥楬ence, the Universal Pension system is going to be one of the most lucrative pension schemes in the world. If all the citizens above 18 years of age can be included in the system, their social safety will be bolstered,鈥� said the finance minister.
聽According to a gazette published on March 14, changes had been made to the Universal Pension Management Act 2023 to introduce the new instrument, Prattay.
For the first time in its history, Bangladesh on August 17, 2023, entered the era of a much-hyped uniform pension scheme.
The initiative is meant for the entire population of the country aged above 18, who will start enjoying lifetime pension facilities upon turning 60 years old.