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Dhaka Tribune

What is in the Universal Pension Scheme?

  • People aged between 18-50 can join the Universal Pension Scheme
  • Need to register using NID
  • People can pay their monthly installments from home using an app
Update : 18 Aug 2023, 11:32 AM

For the first time in its history, Bangladesh on Thursday entered the era of a much-hyped uniform pension scheme.

Dubbed the Universal Pension Scheme (UPS), the initiative is meant for the entire population of the country aged above 18, who will start enjoying lifetime pension facilities upon turning 60.

Initially, four pension schemes out of six – Pragati, Surokkha, Samata and Prabashi – have been launched while two others will be introduced later.

People from the 18-50 age group can join the UPS. Those aged above 50 can avail of it, and in that case, they will get a pension after providing installments for 10 years.

In order to join UPS, one has to register first by using one’s national identity (NID) card. After that, a number will be provided through which the installment and other procedures can be done.

People can pay their monthly installments from home through mobile financial services. The authorities concerned have created an app for this. Migrant workers, who do not have NID cards, can join the scheme with their valid passports.

An account will be opened for each beneficiary at the state-owned Sonali Bank so they can deposit their monthly installments.

Let us have a detailed look at what the four schemes offer.


Private sector employees can avail of this scheme by depositing Tk2,000, Tk3,000 and Tk5,000 in monthly installments. As much as half the installments will be provided by the employees while the rest by their employers.

If any private company does not want to join UPS, employees can do so on their own.

If any employee joins the scheme at the age of 18 and provides installments of Tk2,000 per month for 42 years, he/she will get Tk68,931 a month at the age of 60. Those providing Tk3,000 per month will get Tk1,03,396 monthly, and people who will deposit Tk5,000 per month can withdraw Tk1,72,327 every month. 


Self-employed and informal sector workers such as farmers, rickshaw pullers, day labourers, blacksmiths, potters, fishermen and weavers can avail of this.

Those who continue the scheme after providing Tk1,000 per month will get Tk34,465 as a pension per month. Besides, those who provide Tk2,000 per month can withdraw Tk68,931 per month.

People who will provide Tk3,000 and Tk5,000 per month would be able to withdraw Tk1,03,396 and Tk1,72,327 per month respectively.


Under the scheme, the monthly installment would be Tk1,000 and the customer can provide Tk500 per month while the rest will be provided by the government. People living below the extreme poverty level can avail the opportunity. 

If any person joins the scheme at the age of 18 and provides a Tk500 installment per month he/she will get Tk34,465 per month. Besides, people aged above 50 will get Tk1,530 per month after providing Tk500 in installments.


For the migrant workers, the government has fixed Tk5,000, Tk7,500, and Tk10,000 installments per month under the scheme and if anyone returns to the country before 60 years, he/she can pay the amount through local currency or exchange the scheme.

They will get their pension in local currency after their scheme matures.

If an 18-year-old migrant worker provides Tk10,000 per month, he/she will be able to withdraw Tk3,44,655 per month after 60 years till 75. Those who provide Tk5,000 and Tk7,500 as installments for 42 years, he/she will get Tk1,72,327 and Tk2,58,491 per month.

If someone provides Tk5,000 per month for a minimum of 10 years, he/she will get Tk7,651 per month from the age of 60.

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