Deposit Tk50 lakh over 42 years, get up to Tk6cr back

The Universal Pension Scheme is set to roll out on 17 August, aiming to establish a sustainable social security system for elderly citizens of private and informal sectors, expatriates, and impoverished people. In addition to ensuring social security and reducing the number of beneficiaries in the social safety programme, the scheme will be of significant advantages to contributors.

By enrolling in the scheme at 18 years old, private sector employees or expatriates can receive benefits 12 times greater than their 42 years of contribution, documents from the Finance Ministry reveal.

For example, if an expatriate starts contributing Tk10,000 per month under the Probas Scheme, his total contributions to the government would amount to Tk5,040,000 by age 60. With a monthly pension of Tk3,44,655 from age 60 to at least 75, the accumulated sum would reach Tk62,037,900, which is around 12.31 times their total contribution.

On the other hand, under the Progoti Scheme, a private sector employee contributing Tk5,000 per month would amass a total deposit of Tk2,520,000. By age 75, their government pension would amount to Tk31,018,860, representing 12.31 times their total deposit.

If the pensioner dies before 75, the nominee will receive the pension at the same rate until that age. Stakeholders say the public pension system will function as a government revenue source as the authority will receive a premium for the initial 10 years. During this period no pension will be paid. The government will invest these funds in profitable ventures.

Additionally, in case of expatriates, premium will be received in foreign currency and pensions will be disbursed in local currency. It will thus bolster the country's foreign exchange reserves.

Prime Minister Sheikh Hasina is set to launch the Universal Pension Scheme, which will have four categories, on 17 August. Enrolment for the scheme can be done through an online application.

Source :TBS

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