Karachi, 26 January 2024:

Bangladesh Deputy High Commission in Karachi arranged a Briefing Session on “Universal Pension Scheme in Bangladesh” at the Conference Hall of the Chancery on 26 January 2024 to encourage the expatriate Bangladeshis in Pakistan to avail the opportunities of the Universal Pension Scheme.

 During the briefing session different aspects of the Universal Pension Scheme were discussed. There was a question and answer session, where the participants expressed their enthusiasm regarding the newly launched pension scheme in Bangladesh. They expressed their deep satisfaction on the arrangement of such an event, which they mentioned as very important and timely.

Deputy High Commissioner of Bangladesh in Karachi S. M. Mahbubul Alam in his briefing mentioned that Hon’ble Prime Minister of Bangladesh Sheikh Hasina has inaugurated ‘Universal Pension Programme’ on 17 August 2023. He mentioned that the ‘Universal Pension Management Act, 2023’ was passed in the National Parliament and the Hon’ble President of Bangladesh agreed to the Law on 31 January 2023 and a notification was issued on 13 August 2023.

Deputy High Commissioner mentioned that the Government of Bangladesh has formulated the ‘Universal Pension Management Act 2023’ with the objective of including the people of the country in a sustainable pension structure. According to the law, all citizens between the age of 18 and over 50 can participate in the pension scheme based on their National Identity Card. One who contributes continuously for 10 years will be eligible for pension. A life pension will be paid against the contribution to the pension fund along with the accumulated profits of the contributor on attaining the age of 60 years.

Deputy High Commissioner further briefed that according to the law, expatriate Bangladeshis would participate in the expatriate scheme of the universal pension scheme, private employees in the Pragati scheme, self-employed persons in the protection scheme and low-income citizens in the Samata scheme.

Deputy High Commissioner further outlined that there would be a separate and distinct pension account for each contributor. There is no need to open a new account even if the workplace changes. The pension authority will determine the minimum rate of contribution. If the monthly contribution is delayed, the pension account can be kept open with late fee. A maximum of 50 per cent of the deposited amount may be taken as a loan on the application of the subscriber in case of need and shall be repaid along with the prescribed fee. Pension contributions will be considered tax deductible as investment consideration. The monthly pension will be free of income tax, he further added.

Deputy High Commissioner further mentioned that a ‘Universal Pension Fund’ will be constituted for the proper management of pension deposits. Other related activities will be carried out including depositing of contributions, keeping accounts, fair and safe investment of accumulated money and giving pension. Funds can be deposited in one or more scheduled banks.

Deputy High Commissioner mentioned that the Mission in Karachi has been working very hard to brand Bangladesh in Pakistan. He expressed his deep optimism that the “Universal Pension Scheme in Bangladesh” would be a dream scheme for millions of Bangladeshi nationals at home and aboard.