The National Pension Authority has taken several important steps to make the Universal Pension Scheme more practical, inclusive, and beneficial for a wider range of people. A number of significant decisions were made in the second board meeting of the Authority, which was held on Wednesday at the Ministry of Finance. The meeting was chaired by Dr. Salehuddin Ahmed, the Chairman of the Board and Financial Advisor.
Below are the detailed highlights of the reforms:
Islamic Version of Pension Scheme Under Consideration
A key decision taken in the meeting was to explore the feasibility of introducing an Islamic version of the Universal Pension Scheme. This version would follow Islamic financial principles and values. The findings of this feasibility study will be presented in the next board meeting.
New Withdrawal Option at Age 60
One of the most notable changes is that contributors will now be allowed to withdraw up to 30% of their deposited amount in a lump sum once they reach the retirement age of 60 years.
Previously, there was no such option for partial withdrawal, so this decision brings more flexibility for the users.
Reduced Contribution for “Probash” and “Pragati” Schemes
In a move to help lower-income earners and expatriates, the monthly minimum contribution for the “Probash” (Expatriate) and “Pragati” (Progress) schemes has been reduced from BDT 2,000 to BDT 1,000.
This will make the pension schemes more accessible to a larger number of people, especially those with limited income.
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Including Outsourcing Employees of the Pragati Scheme
The inclusion of workers hired through outsourcing in the Pragati Scheme is another important choice.
This implies that a large number of individuals employed in the unorganised sector will now be eligible to benefit from pension coverage, placing them under the social protection purview.
Inclusion of Outsourcing Workers in Pragati Scheme
Another significant decision is the inclusion of workers employed through outsourcing into the Pragati Scheme.
This means that many people working in the informal sector will now be able to enjoy the benefits of pension coverage, which will bring them under the umbrella of social protection.
International Recognition Efforts
The National Pension Authority is also aiming for international recognition. It has shown interest in becoming a member of the International Social Security Association (ISSA).
The board has given approval to take necessary steps in this regard, which may open doors for global collaboration and improved standards in pension management.
Successful Promotion and Awareness Campaign
To ensure that more people are aware of the Universal Pension Scheme, a successful marketing plan has been created.
This will include:
- commercials on YouTube, Facebook, and other social media platforms
- Promotion of popular television shows and discussion shows
- Advertising at international sporting events
- Public awareness campaigns in national newspapers
These initiatives aim to increase public awareness and encourage more individuals to sign up for pension schemes.
A Step Toward a Secure Future
With all these reforms, the government is trying to make the Universal Pension Scheme more inclusive, accessible, and sustainable.
The goal is to ensure that more people, regardless of their income level or type of employment, can feel financially secure in the future.
These steps reflect a thoughtful approach to social protection and long-term financial planning for the people of Bangladesh.
Source: KalerKantho
