Recruits will get pensions under the universal pension scheme in all government institutions that get pension benefits from July 1, 2025.
Finance Minister Abul Hassan Mahmood Ali said this in his 2024-25 budget speech in the parliament on Thursday.
From July 1, 2025, newly appointed officials of other public offices will be included in the system. The operating expenditures of the Universal Pension system is being borne by the government and the profit earned by its fund is expected to be distributed among the pension policy holders.
“Hence, 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,” he added.
He said in his speech that Sheikh Hasina included the concept of a universal pension in the Awami League's 2008 election manifesto, aiming to bring the population over eighteen years old under a sustainable and well-organized social security framework.
In continuation of this, following the approval of the "Universal Pension Management Act 2023" by the parliament, the Finance Division issued the "Universal Pension Scheme Regulations, 2023," and the prime minister inaugurated the Universal Pension Program on August 17, 2023.
This initiative will represent a milestone in Bangladesh's history and a charter for the economic emancipation of the people.
“The government has already established the National Pension Authority and began its operation. In alignment with the implementation of 'Smart Bangladesh,' a fully digital platform for the Universal Pension Management System has been launched. Now, any individual can register for the Universal Pension Scheme online and make payments via online banking, credit card/debit card, and mobile financial services (MFS). They can directly view their pension account balance, dividends received, and other details online,” the finance minister said.
“Individuals with limited or no knowledge of information technology can complete their registration at Union Digital Centres, internet cafes, and similar locations,” he added.
The government has taken various measures to make it easier for pensioners to get their pension. All the retired government employees are getting their pension at the beginning of the month through EFT.
Life verification through mobile app has been introduced for pensioners on a pilot basis. Soon all pensioners across the country will be brought under this app. As a result, pensioners will be relieved from the obligation of appearing in person once a year to prove that they are alive and they will get pension sitting at home.