Despite extensive efforts, Bangladesh’s universal pension scheme struggles to attract the anticipated public response.
While initial interest was high, the enthusiasm has waned significantly, with registrations declining.
Currently, 372,155 people are enrolled across four schemes, with the majority (285,884) in the Samata scheme, designed for the ultra-poor.
The remaining three schemes—targeted at expatriates, private sector employees, and informal workers—have seen much lower enrollment.
The interim government has pledged to sustain the program initiated by Sheikh Hasina's administration.
However, limited promotional activities since the government transition on August 5 have further affected public interest.
Despite 14 months of government efforts to popularize the program, the scheme has yet to resonate broadly with the public, who are uncertain about the security of their investments.
To address these concerns, the Ministry of Finance plans to add a one-time lump sum gratuity in addition to the monthly pension from age 60.
Health insurance benefits are also being considered, with an aim to enhance the appeal of the program.
Following a meeting chaired by Pension Board Chairman and Finance Adviser Dr Salehuddin Ahmed on October 14, these steps were proposed to make the scheme more attractive.
The National Pension Authority's latest data, as of October 15, reveals that most enrollees are existing registrants, with very few new ones.
The Pension Authority attributes the dip in enrollment to the limited promotional outreach post-government transition, saying that the previous efforts regularly attracted new participants.
To counter this trend, the Pension Board has advised the authority to implement initiatives to draw in more enrollees and make adjustments as needed.
According to insiders, the Pension Authority is exploring ways to enhance benefits.
The proposed one-time gratuity would offer participants a lump sum, potentially affecting the monthly pension amount.
Health insurance integration is also being considered, a feature already common in international pension schemes, which could provide additional security for enrollees in case of accidents or other unforeseen events.
Adding insurance, the authorities believe, may boost the scheme's appeal, especially for workers who might face disruptions in contributions due to health or work-related incidents.
Initially, the scheme was introduced to attract expatriates and private sector employees.
However, their participation has remained low. Only 86,494 individuals from these groups have registered, and many have stopped contributing after the first few payments.
The government hoped the scheme would secure expatriates' future and boost foreign currency earnings through contributions during a dollar shortage.
Yet, only 910 expatriates joined over the last 14 months, representing the program's most underwhelming segment.
For private-sector employees, the Pragati scheme saw 22,410 registrations, while the Suraksha scheme, meant for informal workers, recorded 63,174 enrollees.
Meanwhile, the Samata scheme, which includes a Tk500 government contribution to the monthly Tk1,000 dues, has attracted non-eligible participants who registered to access the government subsidy.
Officials plan to audit this scheme’s registrants, redirecting those who do not meet the criteria to more suitable options.
Golam Mostafa, a member of the National Pension Authority, stated that various strategies are under consideration to build public confidence.
Alongside gratuity and insurance benefits, they are assessing how other countries structure similar schemes.
Recommendations will be submitted to the advisory board, which may greenlight a one-time gratuity option if approved.
Despite the slow progress, Finance Adviser Dr Salehuddin Ahmed confirmed that the universal pension scheme will not be discontinued. The interim government has no plans to halt the program and remains committed to expanding its benefits gradually.
