United News of Bangladesh

The National Pension Authority (NPA) on Thursday signed a memorandum of understanding (MoU) with 12 banks to facilitate registration and contribution collection under the Universal Pension Schemes. This brings the total number of banks partnering with the NPA to 24, as 12 banks had previously signed similar agreements.  NBR lifts suspension of Tax Tribunal member Shafiqul, cites no reason Executive Chairman of the National Pension Authority Md. Mahiyuddin Khan was present at the meeting. Finance Secretary Dr. Md. Khairuzzaman Mozumder attended the event as the chief guest. The 12 banks are-AB Bank, Al-Arafah Islami Bank, Islami Bank, IFIC Bank, Midland Bank, Modhumoti Bank,National Bank, NCC Bank, ONE Bank, Premier Bank, Southeast Bank and Trust Bank. The NPA has announced plans to gradually sign MoUs with all domestically-owned banks to ensure widespread access and seamless contribution collection for all citizens under the Universal Pension Schemes. Pensioner Sanchayapatra in Bangladesh: Revised profit rates in 2025

Tension on public university campuses due to students' protests or class boycott is nothing new in Bangladesh. But the reason behind the current deadlock at 35 public universities is something different and it is because of an indefinite strike enforced by teachers and staffers against launching of a new pension scheme. What is there in Prattya Scheme and why has this new scheme triggered protests? What the govt says about the new scheme: The Finance Ministry in a notification  on March 20 ,2024 announced that all the staff of the self-governed, autonomous, state-owned and  statutory or similar organisations and their subordinate bodies, who will join the service on July 1 2024 or afterwards, will be included in Prattya Scheme under the Universal Pension Scheme. “The future financial security of newly joined officers, employees on and after 1st July of this year will be guaranteed by participating in the "Prattay" scheme as they will be entitled to a monthly pension during retirement,” stated the finance ministry notification. Read more: University teachers’ protests against Prottoy scheme illogical: Finance Minister Most of the employees working in such establishments are covered by the gratuity and the Contributory Provident Fund (CPF). In that system, employees are entitled to a lump sum as a retirement benefit at the end of service, but no monthly pension. In the "Prottoy" system, 10% of the basic salary of the concerned officer or employee or a maximum of Tk5000, whichever is less, will be deducted from the salary of the officer or employee and an equivalent amount will be paid by the  establishment converned or institutes for participation in the scheme. Then both the amounts will be deposited as a quantity of that officer/employee under the management of the National Pension Authority. For example, after depositing the amount for 30 years from the institution or organisation concerned the person will get a pension of Tk 62,330 taka per month after retirement at the age of 60 years. In this case, for 30 years, the total amount of contribution paid from the employee's own salary is Tk 9 lakh (depositing Tk2500 per month) and the total amount of contribution paid by the concerned institution/organization is Tk9 lakh. The total amount of contributions for the organisation and related employees will be Tk18 lakh. If the beneficiary dies at the age of 75, that person will get a pension of Tk1.12 crore and more in 15 years, which is 12.47 times the employee's own deposit, said the ministry in clarifying the benefits. The government said it introduced 'Prattay Scheme' as an alternative to the existing system to provide financial and social security to the employees in their post-retirement life.  The employee registered in this scheme will automatically receive the monthly pension amount in his or her bank account from the following month after he or she reaches pensionable age, which will be notified to him or her through mobile SMS. In this case, he or she will not need to go to the National Pension Authority or any other office or submit any kind of proof. Read more: University teachers’ meeting with Quader postponed; strike continues Teachers' stance against it After the announcement about the scheme in March teachers rejected it and demanded their exclusion from it. They also observed partial work abstention for several days and threatened on June 30 that they would go on strike from July 1 if it is not cancelled.  As the government remained rigid and the Prattay Scheme became effective from July 1, the teachers of 35 public universities including Dhaka University, Jagannath University, Jahangirnagar University and Barisal University ----went on an indefinite strike under the banner of the Federation of Bangladesh University Teachers' Association . Besides, staffers started a strike simultaneously demanding its cancellation, which created a deadlock in the public universities. What the university teachers say:  “Our movement is to protect the honor and dignity of the teachers community  of the university. Movement against interference in the autonomy of Dhaka University,” said a  notice issued by Dhaka University Teachers Association(DUTA) on June 30. “This all-out strike will continue until the demands of exclusion of university teachers from the discriminatory and degrading pension scheme, introduction of individual pay scale for teachers, inclusion of university teachers in the promised ‘super grade’ are met,” it added. Secretary General of University Teachers Association Federation and President of Dhaka University Teachers Association Dr. Nizamul Haque Bhuiyan said, the Prattay pension scheme is totally discriminatory. “It will give facilities to some and will make others deprived. This pension scheme degraded our dignity and made us think again about our financial matters and future generations.” Read more: Prattay pension scheme: Public university teachers’ strike enters day 3  If teachers are included in the scheme, they will be deprived of the facilities,he added.    “We are here not for our rights but for the rights of our future generation. If the teachers are included in the pension scheme, many will lose interest to come to this profession. Which is a threat to the future generation? We can't let our future generation face losses in such a way.” The teachers were scheduled to sit with Awami League General Secretary and Road Transport and Bridges Minister Obaidul Quader on Thursday afternoon but the meeting was postponed later.

The Universal Pension Scheme 2023 was inaugurated by the Prime Minister of Bangladesh on August 17th. This scheme is a pathway to self-sustained retirement for citizens. Even individuals with modest incomes are going to have the opportunity to prepare for a self-sustained retirement within their financial capabilities. A distinctive sub-scheme named 'Samata' covers this majority, tailoring pension contributions according to their earnings. Aspiring recipients can effortlessly enrol in this universal pension scheme, provided they meet the fundamental criteria. Let's delve into the process, how the low income people in Bangladesh can enrol in the Samata Universal Pension Scheme.  Primary Terms and Conditions of Universal Pension Scheme 2023 Each and every skilled individual across the nation has the opportunity to engage in the universal pension scheme, a platform of financial security. However, this privilege comes with the prerequisite of meeting fundamental requirements.  The inclusive provisions outlined in the Public Pension Management Act of 2023 are detailed below: - Eligibility spans individuals aged 18 to 50, verified through their National Identity Card or NID. Individuals over 50 can participate, under special consideration, for a decade, becoming eligible for lifelong monthly pensions post 10 years of consistent contributions. - Commencing the scheme mandates online registration with accurate details. Beneficiaries of existing social security programs can transition into this scheme after their current benefits cease. - A dedicated account, assigned to each registrant, will manage all aspects of their scheme-related finances. - Contingencies in the pensioner's lifespan are accounted for. In case of their demise, the recipient's chosen nominee will later receive the monthly pension payments. The duration for which the nominee will be entitled to receive this pension extends up to the principal pensioner's age of 75 years. For instance, if the principal pensioner passes away at the age of 68, the nominee will continue to receive the monthly pensions for the subsequent 7 years. - The scheme registrant may pass away while actively contributing before the pension scheme reaches its full maturity. In this scenario, the designated nominee will receive the entirety of the funds deposited along with accrued profits. It's worth noting that the contribution period for each tier of the pension scheme spans a minimum of 10 years. - The government services accessed via Mobile Financial Services (MFS) incur a cash-out charge of 0.70 percent, or BDT 7 per thousand. It extends to this scheme as well, as per a Ministry of Finance circular issued on August 16. Read more: Surokkha Universal Pension Scheme: Registration Process for Bangladeshi Self-Employed and Non-Institutionalized Workers Samata: Universal Pension Scheme for Bangladeshi Low Income People Table: Monthly pension against the installment rate in the Samata scheme Monthly Subscription Rate BDT 1,000 (Contributor BDT 500 + Government Part BDT 500) Total Period of Subscription (in years) Potential Monthly Pension (BDT) 42 34,465 40 29,200 35 19,187 30 12,466 25 7,955 20 4,927 15 2,894 10 1,530 Source: https://upension.gov.bd/Public/Packages, Bangladesh Gazette, Extra, August 13, 2023 The subscription rate is designed for individuals residing below the poverty line. Only those with an income not exceeding BDT 60,000 per annum are eligible for the Samata scheme. Half of their stipulated contribution is subsidized by the government, while they bear the remaining half. Read more: Pragati Universal Pension Scheme: Registration Process for Bangladeshi Non-Government Employees Registration Process for Samata Package under Universal Pension Scheme 2023 Access to the pension scheme is channeled through the Unpension website, commencing with the 'Pensioner Registration' menu. Consent to Basic Terms  A trio of pivotal terms and conditions must be agreed upon initially: - The applicant must not be employed by governmental or semi-governmental bodies. - The candidate must not be enjoying privileges from any governmental or autonomous institution. - The candidate must not be receiving benefits from any social security program. The registration page can be accessed by clicking on the 'I agree' button below. Without obtaining this consent, the application cannot be initiated. In the event that any exception to the aforementioned conditions is identified subsequent to the commencement of subscription, the complete registration will be annulled. Additionally, individuals who provide incorrect information will not be eligible for a refund of any funds deposited as subscriptions. Scheme Category and Identification This marks the first page of registration, wherein the category 'Person in Low Income' must be chosen from the provided options. Subsequently, a 17, 13, or 10-digit NID number, along with the date of birth, will be required to verify identity. A regularly used mobile number and email address need to be provided for communication purposes.  Upon entering the details, an OTP or one-time password will be dispatched to both the email address and mobile number for verification. This OTP is required to be entered in the designated area of the online form. Finally, the captcha below needs to be completed without errors before submission, leading to the commencement of the next section. Read more: Bangladesh Smart National ID Card Correction Process: Payments and Necessary Documents Personal Details Given that the NID number is provided on the preceding page, the candidate will encounter their personal details, which have been pre-filled. These details encompass the candidate's NID number, photograph, full name in Bengali and English, father and mother's names, as well as permanent and current addresses. In the case of District, Upazila and Division, candidates must select their respective locations from the dropdown lists. Determining Occupation In this section, low-income workers are required to select their occupation from the range of occupations mentioned in the list. Within the annual income space, the total income for twelve months must be entered. Determining Subscription for the Scheme In this pivotal phase, scheme beneficiaries are to specify the installment of subscription they wish to undertake. Candidates have the flexibility to choose from three modes of contribution: Monthly, Quarterly, and Annually. Bank Details The contributor's bank details are required to be entered here. These account details must align precisely with the information provided while opening the account at the corresponding bank. This entails no discrepancies in the account holder's name, account number, or account type, whether it's savings or current.  Each bank is assigned a unique 9-digit routing number, which needs to be inserted in the space adjacent to the routing number. For those unfamiliar with the number, a 'Don’t know the Routing Number' button is available next to it.  Clicking this button will generate a small box containing two separate dropdown lists: one for the bank and another for its branch. The appropriate bank and branch should be selected from these lists. Candidates can also choose a branch near them. As soon as the information is entered, the box will disappear and the corresponding cell next to the routing number will be filled. Read more: How to Deactivate TIN in Bangladesh: A Comprehensive Guide Nominee Section This is the part of the nominee, responsible for receiving the deposited amount as pension or contribution along with the profit in the absence of the pensioner or contributor. Initially, the nominee's NID number and date of birth will be required, followed by clicking the 'Add Nominee' section below.  Consequently, the remaining portion will include fields for the nominee's mobile number, their relationship with the candidate, and the proportion of the candidate's share they will receive. For a single nominee, the candidate's total amount is required to be entered. If necessary, candidates can add multiple nominees by clicking the 'Add more nominee' button. Each nominee's respective share must then be specified. Overall Verification All information provided thus far will be consolidated in this final section of the application. Registration will be deemed complete upon thorough verification of the accuracy of the details and subsequent submission. After submitting the application successfully, the applicant can download it and preserve it for future reference and potential use. Read more: Smart NID Card in Bangladesh: Online Application Process, Documents Needed, Fees How to Subscribe to the Samata Scheme The information regarding installments will be dispatched to the applicant’s mobile number and email address provided during the online registration.  Each installment must be punctually deposited into the National Pension Authority's designated bank account.  In the event of failure to meet the deadline, a grace period of up to one month will be granted to pay the installment without incurring penalties.  If the installment remains unpaid beyond this supplementary period, a penalty will be imposed at a rate of 1 percent for each consecutive day. Consistent failure to fulfill subscription obligations will lead to the registrant's scheme account being deactivated. Bottom Line Pension schemes could potentially give people a scope to secure their future. The low income citizens of Bangladesh can also benefit from the Universal Pension Scheme 2023. The Samata pension scheme has been especially designed to cater to the needs of the low income people of Bangladesh. So far, we have discussed the process of registering for the Samata package under the Universal Pension Scheme 2023. Hope it helps! Read more: Universal Pension Probash Scheme: Registration Process for Expatriate Bangladeshis

On August 17, the Universal Pension Scheme 2023 was officially launched by Prime Minister Sheikh Hasina. Professionals from diverse groups have been brought under this initiative. Those who are self-employed or work in the informal sector, such as farmers, fishermen, blacksmiths, potters, weavers, and labourers, have also been thoughtfully included. Even a distinct package called ‘Surokkha’ has been established for their inclusion under the Universal Pension Scheme. A separate contribution rate for pension has been devised, reflecting the economic contributions of this demographic to the nation. This article discusses the registration process for self-employed and non-institutionalized workers in the Universal Pension Scheme. Let's elucidate the procedure along with the regulations governing the scheme. General Rules of Universal Pension Scheme 2023 The Universal Pension Management Act of 2023 outlines prerequisites for acquiring pension benefits for individuals across various income segments. These prerequisites serve as fundamental criteria for attaining pensions for professionals from all groups. - The scheme is accessible to those aged between 18 and 50. This age bracket is verified using the National Identity Card (NID). Those exceeding the age of 50 can participate for a maximum of 10 years, subject to special consideration. Following this period of contribution, they become eligible for lifelong pensions. Read more: Universal Pension Scheme: How will it work? What's in it? - Participation in the scheme is exclusively through online registration. Individuals currently benefiting from the social security scheme can also join, provided they withdraw from the existing scheme. - Upon launching the scheme, a dedicated account is established in the name of each registrant. This account documents all aspects related to their contributions, tenure, and pension. - In cases where the pension recipient passes away, their nominee will continue to receive monthly pension payments. These payments endure until the principal pensioner's age of 75. For example, if the pensioner passes away at 70, their nominee will receive monthly pensions for the subsequent 5 years. - The subscriber to the scheme might pass away during the period of contribution towards the pension. In such a scenario, the subscription amount deposited, along with any accrued profits, will be disbursed to the designated nominee. Notably, the minimum contribution term for each scheme is 10 years.Contributions made under the scheme are treated as investments in the registrant's name and are tax-exempt. This implies that pension income drawn later is not subject to income tax. - A cash out charge of 0.70 percent is applicable for utilising government services via mobile financial services (MFS) under this scheme. Consequently, subscribers will incur a service charge of BDT 7 per thousand when subscribing through MFS. This uniform service charge rule was instituted on August 16, akin to other government services. Read more: Pragati Universal Pension Scheme: Registration Process for Bangladeshi Non-Government Employees Surokkha: Universal Pension Scheme for Bangladeshi Self-Employed and Non-Institutionalized Workers Table: Monthly Pension against Installment Rate in Surokkha Pension Scheme Monthly Subscription Rate BDT 1,000 BDT 2,000 BDT 3,000 BDT 5,000 Total Period of Subscription (in years) Potential Monthly Pension (BDT) 42 34,465 68,931 1,03,396 1,72,327 40 29,200 58,400 87,601 1,46,001 35 19,187 38,374 57,561 95,935 30 12,466 24,932 37,398 62,330 25 7,955 15,910 23,864 39,774 20 4,927 9,854 14,780 24,634 15 2,894 5,789 8,683 14,472 10 1,530 3,060 4,591 7,651 Source:https://upension.gov.bd/Public/Packages, Bangladesh Gazette, Extra, August 13, 2023 Read more: I want to make everyone’s life meaningful, declares PM Hasina after launching Universal Pension Scheme Registration Process For Surokkha Package under Universal Pension Scheme 2023  To register for the pension scheme, individuals from diverse backgrounds need to visit the Upension website. Initiating the registration process involves clicking on "Pensioner Registration" at the upper right corner of the site. The following is a step-by-step breakdown of the procedure: Consent to Basic Terms The scheme's registration requires adherence to specific qualifying criteria outlined in the aforementioned general rules. Commencement of registration is contingent upon acceptance of these conditions. - The applicant cannot hold a position as an officer or employee within any government, semi-government, or autonomous entity. - No form of benefit can be received from government or autonomous institutions. - Exclusion from Social Security program benefits. To proceed, click the 'I agree' button located beneath the terms and conditions. Failure to provide accurate information will result in application cancellation. Subscription deposits are non-refundable in case of misinformation during the subscription period. Read more: PM Hasina rolls out long-awaited Universal Pension Scheme Selection of Scheme Category Self-employed/informal sector workers must choose the Self-Employed/Non-Institutionalized Workers category from the provided options. Identity verification follows, requiring a 10, 13, or 17-digit NID number and birth date entry. Contact details including mobile number and email are essential. An OTP (One-Time Password) will be sent to verify the provided details. This OTP should be correctly entered in the designated space along with the captcha to proceed. Submission of Personal Information Personal data will auto-populate based on the previously entered NID number. This includes NID number, photo, full name in Bengali and English, parents' names, and both permanent and current addresses. District, upazila, and department names are to be selected from separate drop-down lists. Providing Occupational Information Self-employed/non-institutionalized workers will appropriately indicate their skills from the provided professions. Annual earnings should be entered in numerical format. Determining Scheme Contributions This section necessitates specifying subscription installments and amounts. Candidates can select monthly, quarterly, or yearly payment modes based on convenience. Read more: e-TIN: Online registration process in Bangladesh Subscription Payment Method The name and account number of the bank account holder, from whose bank account the subscription will be paid, should be provided. Whether the account is savings or current needs to be specified. Following that, the 9-digit routing number of the respective bank must be entered in the designated routing number field.  If the applicant is unsure about this routing number, there is an option to click on the 'Don’t know the Routing Number' button located next to it. This action will trigger the appearance of a small box prompting the entry of the bank's name and its branch. The bank's name where the above-mentioned account number was opened, along with its branch, needs to be selected out of the drop-down lists here. The chosen branch can be any branch of the bank that is closest to the candidate. Upon correct entry of information, the routing number will be automatically updated. Nominee Information It is now time to provide the nominee's particulars. The nominee's NID number and date of birth are required, followed by the selection of 'Add Nominee'. The nominee's mobile number, their relationship with the candidate, and the designated share are to be included. In the case of multiple nominees, selecting 'Add More Nominee' permits allocation of distinct shares. Verification of Information Finally, all the background information will be presented at a glance. Each of these elements needs to be thoroughly reviewed, marking the concluding step of the registration process. If necessary, the online application, once successfully submitted, can be downloaded and retained. Read more: Smart NID Card in Bangladesh: Online Application Process, Documents Needed, Fees How to Subscribe for Surokkha Scheme Registrants receive information related to their subscription via the provided mobile number and email address. Each installment should be timely sent to the National Pension Authority's bank account. If a subscriber fails to meet the payment deadline, they have a grace period of one month to make the payment without incurring a penalty. After this grace period, a penalty of 1 percent per day is imposed, and the scheme account cannot remain active. Summing Up By enrolling in the Surokkha Universal Pension Scheme, self-employed and non-institutionalized workers can secure their financial future. This sizable workforce, operating beyond traditional governmental and private institutions, contributes significantly to the nation's prosperity. This government-backed safety net bolsters the foundation of the economy, providing a dignified old age for these workers. Additionally, substantial human resource development can be anticipated in the upcoming years. Read more: Universal Pension Probash Scheme: Registration Process for Expatriate Bangladeshis

The Universal Pension Scheme, introduced on August 17, 2023, marked a significant step as the Prime Minister of Bangladesh officially announced its inception. This well-structured pension initiative aims to encompass all working citizens. Notably, a crucial demographic within the country's workforce is individuals employed in the private sector. The Universal Pension Scheme includes the ‘Pragati’ package that accommodates the participation of private organizations and their employees. Let’s take a look into the process of how the private sector employees of Bangladesh can register for the Pragati Universal Pension Scheme.  General Rules of the Universal Pension Scheme 2023 The establishment of the scheme falls under the Universal Pensions Management Act 2023, passed on January 31, 2023. In order to facilitate its seamless execution, specific guidelines have been outlined, which also extend to non-government employees. - Eligibility for enrollment in the scheme lies within the age bracket of 18 to 50 years, based on the National Identity Card (NID). Individuals beyond the age of 50 can register for the scheme under special circumstances, with a tenure of 10 years. This signifies that after contributing consecutively for 10 years, eligibility for a lifelong pension is attained. - Online registration is mandatory to participate in the scheme. Beneficiaries already availing benefits under the Social Security Program are required to forego their existing privileges if they wish to be part of the scheme. Read more: Universal Pension Scheme: How will it work? What's in it? - Each contributor will have a dedicated account for the pension scheme.- The pensioner might pass away before reaching the age of 75 years while receiving the pension. In such an event, the remaining pension will be disbursed to their designated nominee or beneficiaries. - The aforementioned scenario might also occur during the subscription phase. In that case, a minimum subscription period of 10 years will be considered as the basis. If a subscriber passes away before completing this duration, their nominee will receive the accumulated contribution amount along with any accrued profits. - Contributions made towards receiving pension benefits will be treated as investments. However, recipients will not be subjected to income tax on their pension disbursements. Read more: Universal Pension Probash Scheme: Registration Process for Expatriate Bangladeshis - For various government services, the service recipient has to pay a fixed cash-out charge of 0.70 (zero point seven) percent. In the case of this scheme as well, subscribers are required to pay BDT. 7 per thousand while subscribing through mobile. Effective from August 16, the scheme has applied identical service charges for MFS (mobile financial services) as for other government services. Pragati: Universal Pension Scheme for Bangladeshi Non-Government Employees Monthly Pension against Installment Rate Monthly Subscription Rate BDT. 2,000 BDT. 3,000 BDT. 5,000 Total Period of Subscription (in years) Potential Monthly Pension (BDT) Potential Monthly Pension (BDT) Potential Monthly Pension (BDT) 42 68,931 1,03,396 1,72,327 40 58,400 87,601 1,46,001 35 38,374 57,561 95,935 30 24,932 37,398 62,330 25 15,910 23,864 39,774 20 9,854 14,780 24,634 15 5,789 8,683 14,472 10 3,060 4,591 7,651 Source: https://upension.gov.bd/Public/Packages Read more: e-TIN: Online registration process in Bangladesh Private sector employees or officers can join the Pragati scheme based on their contribution levels as specified above. Companies involved and their owners can also enroll in the Pragati scheme at an institutional level. In this context, the company will equally share the stipulated contribution amount with its employees. This implies that employees won't be solely responsible for the entire installment amount; rather, half will be contributed by the employees and half by the company. Universal Pension Pragati Scheme Registration Process for Bangladeshi Non-Government Employees Individuals from all professional backgrounds, including the non-government sector, must register for the scheme via the UPension website. Directly accessing the "Pensioner Registration" link on the site is the initial step. Agreement to Preliminary Terms The initial step entails agreeing to the fundamental registration terms by confirming identity. Progressing to subsequent stages necessitates consent to the following terms and conditions: - No current employment within Government, autonomous, government-related, or semi-governmental organizations. - Exclusion from receiving benefits of any nature from external autonomous or Governmental entities outside of this scheme. Read more: Smart NID Card in Bangladesh: Online Application Process, Documents Needed, Fees - Ineligibility for receiving any allowance under the social security program. The user is instructed to click on the 'I agree' button located beneath the terms and advance to the subsequent page. Applications containing inaccurate information will face rejection. Should discrepancies in the provided information surface during subscription payment, refunds will not be issued. Selecting Income Category At this point, individuals need to specify their scheme designated to their own income category. Private sector employees should opt for the "Pragati" category. Subsequently, a 10, 13, or 17-digit NID number, date of birth, mobile number, and email address should be provided. A one-time password (OTP) will be sent to the candidate's mobile and email for authentication. This OTP should be accurately entered in the designated spaces on the online form. Following this, the captcha should be completed. Personal Information The subsequent section necessitates furnishing personal details. The required information includes the NID number, a photograph, full name in Bengali and English, parental names, and current and permanent addresses. Given that the NID number has been entered previously, this section will auto-populate. District, upazila, and division details are to be chosen from the separate dropdown lists. Read more: How to Get E-Passport in Bangladesh: Things you need to know Occupation Information Within this segment, there are some occupations in a provided list. Private employees should choose their profession from this list and input their annual income in numerical form. Scheme Details Candidates will determine their monthly contribution and payment frequency on this page. Three options for subscription payments will be presented: monthly, quarterly, and yearly. Candidates should select the preferred payment mode according to their convenience. Payment Methods Applicants need to specify the payment method and bank details. The account holder's name and account number (either the candidate's or the one from which subscriptions will be paid) are essential. The bank account type (savings or current) should be chosen, followed by the bank's routing number. This routing number facilitates online interbank transfers. In case the number is not familiar, it can readily be located through a search on the Google search engine. Furthermore, within the confines of this online form, there exists the option to select the 'Don’t know the routing number' button, positioned alongside. This action prompts the emergence of a small box, requesting details such as the bank's name and branch. Accurate submission of this information results in an automatic update of the routing number at the specified location. Read more: Universal Pension Scheme- a timely move to inclusive economic change: DCCI President Nominee Page This stage necessitates inputting the nominee's details, including NID number and date of birth. Subsequently, additional information can be added via the "Add Nominee" button. This includes the nominee's mobile number, their relationship to the candidate, and the share of the candidate's portion that they will receive. In scenarios involving only one nominee, a single nominee will be allocated the entire portion. The "Add More Nominees" option serves to include multiple nominees, providing room for additional nominees and their corresponding shares. Data Verification and Ending Registration Upon completing the form, personal, scheme, bank, and nominee details will be displayed together. Registration is deemed complete after verifying these details and confirming their accuracy. The completed application form can be downloaded and saved for future reference. Subscription Payment for Pragati Scheme The provided mobile number and email address within the application form will be used to communicate subscription rates and monthly payment dates. The installment contributions should be deposited into the National Pension Authority's bank account within the stipulated time frame. Read more: BNP failed to congratulate universal pension system: Hasan Mahmud If any unforeseen circumstance prevent timely payment, the contribution can be made within one month without incurring penalties. If this one-month timeframe be exceeded, a penalty of 1 percent per day will be levied. Failure to comply will result in the scheme account to be inactive. Final Remarks The private institutions within the nation are substantial contributors to the overall socio-economic landscape. These entities include a significant segment of the active, productive workforce each year. The increasing demographic of the aging population poses a threat of financial instability for this workforce. The Pragati Scheme holds the potential to provide a much-needed solution. The participation of non-government employees in the Universal Pension Scheme can empower them to ensure financial independence in their later years. Consequently, over-reliance on these employees during their retirement can be mitigated. Read more: Cashback with profit on universal pension’s instalment payout through Nagad

The Universal Pension Scheme 2023 has been launched with the aim of fostering socio-economic growth and ensuring social security for the citizens of Bangladesh. The notification was issued by the Finance Department under the Ministry of Finance of the Bangladesh Government on August 13, 2023. It was followed by the formal inauguration of the pension scheme by the Prime Minister on August 17, 2023. The scheme categorizes individuals into four primary groups based on their income patterns: private employees, workers in the informal sector, low-income individuals, and Bangladeshi expatriates. This article will discuss how Bangladeshi expatriates can register for the Probash package of the Universal Pension Scheme. Prior to that, let’s get familiarized with the fundamental regulations of this initiative. General Rules of Universal Pension Scheme 2023 In recent years, the growing elderly population due to increased life expectancy has resulted in heightened dependency ratio. It potentially leads to future challenges. Simultaneously, financial instability has implications for the productivity of the working population. Addressing these concerns, the Universal Pension Management Act of 2023 was made as a solution. The following are the general regulations pertinent to the wider public encompassed by the scheme: - Bangladeshi citizens aged 18 to 50 can engage in this scheme with their national identity cards (NID). Citizens above 50 may participate with special consideration, limited to the 10-term scheme. It entails a lifetime pension after ten years of subscriptions. - Applicants can enroll in any of the schemes through the online platform. But those already benefiting from the social security program must relinquish their prior benefits. - Bangladeshi expatriates can join the program, registering with their passport if they lack a National Identity Card (NID). However, prompt preparation and submission of the NID is required. - Each contributor will have a separate pension account created at the outset of the scheme.Should a pensioner pass away before reaching the age of 75 during the pension period, the remaining pensions will be disbursed to nominated heirs. - If a contributor passes away before completing 10 years of contributions, the entire deposited subscription amount will be returned. The amount, along with accrued profit, will be given to the nominated heir. - Pension contributions will be viewed as investments, subject to tax concession. Subsequent monthly pension payments will be exempt from income tax. - It is noteworthy that a standardized service charge for mobile financial services was fixed on August 16, 2023. The existing cash out charge of 0.70% applicable to government services will also be imposed on this program. Read more: Universal Pension Scheme: How will it work? What's in it? Probash Pension Scheme for Bangladeshi Expatriates Table: Monthly Pension against Installment Rate under the Probash Scheme for Bangladeshi Expatriates Monthly Subscription Rate  BDT. 5,000 BDT. 7,500 BDT. 10,000 Total Period of Subscription (in years) Potential Monthly Pension (BDT. ) 42 1,72,327 2,58,491 3,44,655 40 1,46,001 2,19,001 2,92,002 35 95,935 1,43,902 1,91,870 30 62,330 93,495 1,24,660 25 39,774 59,661 79,548 20 24,634 36,951 49,268 15 14,472 21,708 28,944 10 7,651 11,477 15,302 Source: Bangladesh Gazette, Extra, August 13, 2023 Read more: Pragati Universal Pension Scheme: Registration Process for Bangladeshi Non-Government Employees

In an effort to bring the elderly under a sustainable social security system, the government of Bangladesh has introduced the Universal Pension Scheme today (August 17, 2023). According to Finance Ministry sources, there are four schemes under the Universal Pension: Probas, Progoti, Surokkha and Samata. Through the schemes, private sector employees and migrant workers will get pensions ranging from a minimum of 2.30 to 12.31 times their total installments. People aged between 18-50 can join the Universal Pension Scheme, and those aged 60 and above can avail life term pension facilities. People aged 50 and above can also be included in the scheme, and in that case they will get the pension after providing installments for 10 years. Also read: I want to make everyone’s life meaningful, declares PM Hasina after launching Universal Pension Scheme Registration process Those who want to enrol in the Universal Pension Scheme should register at first and people aged 18 and above can join the scheme by using their National Identity Card (NID). How to provide installment People can pay their monthly installments from home. 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 at banking channels, approved mobile banking services, and foreign exchange houses. After completing registration, a number will be provided through which the installment and other procedures can be done. In the rural areas, Union Digital Centres will help people with the registration process and there will be no exchange in the scheme. All dealings will be operated online. The authorities concerned of the Universal Pension Scheme will open an account at the state-owned Sonali Bank and participants will provide their installments each month to the respective account. Also read: PM Hasina rolls out long-awaited Universal Pension Scheme Migrant workers can provide installments from abroad while people can also provide installments to the account directly or through Nagad, bKash and mobile financial services. Progoti scheme for private sector employees Private sector employees can open the Progoti scheme by providing Tk 2,000, Tk 3,000 and Tk 5,000 installments per month. Fifty percent of the installment will be provided by the employees while the rest will be provided by the companies. If any private company does not want to join the Universal Pension Scheme, employees can join the scheme on their own. If any employee joins the scheme at the age of 18 and provides installments of Tk 2,000 per month for 42 years, he/she will be able to get Tk 68,931 as pension per month at the age of 60. During the same period, those who provide Tk 3,000 per month will get Tk 1,03,396 per month, and people who will provide Tk 5,000 installment per month can withdraw Tk 1,72,327 from the scheme per month for life. This means a person who will provide Tk 5,000 installment per month for 42 years will get Tk 3,10,24,800 in total which will be 12.31 percent of the total installments. Also read: Universal pension system to be rolled out from FY 2023-24 Surokkha for informal sector workers The Surokkha scheme will be applicable for self-employed and informal sector workers. Farmers, rickshaw pullers, day labourers, blacksmiths, potters, fishermen and weavers can enrol under the scheme. The installments per month under the scheme can be Tk 1,000, Tk 2,000, Tk 3,000 and Tk 5,000. Those who continue the scheme after providing Tk 1,000 per month will get Tk 34,465 as pension per month after 60 years. Besides, those who provide Tk 2,000 per month can withdraw Tk 68,931 per month after 60 years. People who will provide Tk 3,000 and Tk 5,000 per month would be able to withdraw Tk 1,03,396 and Tk 1,72,327 per month for life as pension, respectively. Samata for the ultra poor Under the scheme, the monthly installment would be Tk 1,000 and the customer can provide Tk 500 per month while the rest will be provided by the government. People living below extreme poverty level can avail the opportunity. If any person joins the scheme at the age of 18 and provides Tk 500 installment per month he/she will get Tk 34,465 per month as pension after 60 years. Besides, people over 50 years will get Tk 1,530 per month after providing Tk 500 as installment for ten years. Read more: PM to inaugurate Karnaphuli Tunnel on Oct 28: Quader Probas for migrant workers For the migrant workers, the government has fixed Tk 5,000, Tk 7,500, Tk 10,000 installment 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 workers provides Tk 10,000 per month for 42 years, his/her total amount of the installment will be Tk 50.40 lakh and he/she will be able to withdraw Tk 3,44,655 per month after 60 years till 75. The total amount of pension will be Tk 6,20,37,900 which will be 12.31 percent multiple of the total amount. Under the same scheme, those who provide Tk 5,000 and 7,500 as installment for 42 years, he/she will get Tk 1,72,327 and Tk 2,58,491 per month after 60 years. Meanwhile, if someone provides Tk 5,000 per month for a minimum of 10 years under this scheme, then he/she will deposit a total of Tk 6 lakh. In return, he/she will get a total pension of Tk 13,77,180 after getting Tk 7,651 per month from the age of 60, which will be 2.30 percent more than the total amount. Finance Ministry sources said, the National Pension Authority has sent letters to the deputy commissioners of eight districts--Gopalganj, Sylhet, Rangpur, Pabna, Bagerhat, Mymensingh, Rangamati and Barguna--to introduce the pension on the opening day. The authorities also sent letters to the Bangladesh missions in Jeddah and Kuala Lumpur. Earlier, in the day, Prime Minister Sheikh Hasina rolled out the much anticipated Universal Pension Scheme, aiming to bring all citizens aged above 18 under the coverage. She launched the pension scheme, joining virtually from her official residence Ganabhaban. Participants and beneficiaries were connected from three districts -- Gopalganj, Bagerhat and Rangpur -- and the Bangladesh embassy in Saudi Arabia. Read more: Some foreign powers are taking interest in Bangladesh's election to hinder progress: PM Hasina

Bangladesh's Prime Minister Sheikh Hasina on Thursday (August 17, 2023) urged the people to keep their trust and confidence in her government as she wants to make the life of the country’s every citizen meaningful. “I want to make the life of everyone meaningful and thus improve their living standard by completing the unfinished tasks of my father,” she said while rolling out the much-anticipated Universal Pension Scheme. The premier opened the pension scheme, joining a virtual function from her official residence Ganabhaban. The participants and beneficiaries were connected from three districts –Gopalganj, Bagerhat and Rangpur-- and the Bangladesh Consulate in Jeddah, Saudi Arabia.  The universal pension scheme was introduced aiming to bring the country's all citizens aged above 18 under the pension coverage. Also read: PM Hasina rolls out long-awaited Universal Pension Scheme  Hasina said Father of the Nation Bangabandhu Sheikh Mujibur Rahman made Bangladesh as a least developed country by building a war-ravaged country and now Bangladesh gained the status of a developing country following the footsteps of Bangabandhu. “Inshallah, Bangladesh will be transformed from a developing to a developed country,” she said. The PM said the people’s trust, confidence and affection are the sources of her strength. “So, keep this trust and confidence. I want it from you,” she said. She said Bangladesh had to face many blows --Covid-19 pandemic, the brunt of Ukraine war, economic sanctions and counter-sanctions and worldwide high inflation, as well as arson violence. “Since the people are with us, Bangladesh is moving forward facing everything –natural calamities, pandemic and manmade disasters,” she said. Also read: Universal Pension Scheme: How will it work? What's in it? Describing the universal pension scheme as an inclusive programme, she said her government has been able to bring even the grassroots and disadvantaged people under their development plans. The PM said the inaugural day of universal day is really a very significant day for Bangladesh. “The day will remain written in the golden letters in the history of Bangladesh,” she said. Under the universal pension scheme, four different packages– Pragati, Surokkha, Samata and Prabashi– out of a total of six planned ones were initially introduced under the universal pension scheme to ensure the lifetime pension facility for the participant citizens. The Pragati package will cover private job holders, while the Surokkha is designed for self-employed persons, the Samata for the low-income people and the Prabashi package for the expatriate Bangladeshis. The two remaining packages will be launched later. Also read: All citizens aged 18-50 can join universal pension scheme: Cabinet clears a draft law Any citizen aged above 18 can participate in the universal pension scheme to get the pension facility during the retirement life, by paying installments till the person reaches the age of 60. An individual aged even above 50 can join the scheme but the person will need to pay installments for 10 consecutive years. Finance Minister AHM Mustafa Kamal and Bangladesh Bank Governor Abdur Rouf Talukder, also spoke on the occasion. PM’s Principal Secretary M Tofazzel Hossain Miah moderated the function, while Senior Secretary of the Finance Division Fatima Yasmin delivered the welcome speech. In the event, a video documentary on the Universal Pension Scheme was screened. Read more: Some foreign powers are taking interest in Bangladesh's election to hinder progress: PM Hasina

Prime Minister Sheikh Hasina on Thursday ( August 17, 2023) rolled out the much anticipated Universal Pension Scheme aiming to bring Bangladesh's all citizens aged above 18 under the pension coverage. She opened the pension scheme joining a virtual function from her official residence Ganabhaban. The participants and beneficiaries were connected from three districts –Gopalganj, Bagerhat and Rangpur-- and the Bangladesh Consulate in Jeddah, Saudi Arabia. Four different packages– Pragati, Surokkha, Samata and Prabashi– out of a total of six planned ones were initially introduced under the universal pension scheme to ensure the lifetime pension facility for the participant citizens. Universal pension system to be rolled out from FY 2023-24 The Pragati package will cover private job holders, while the Surokkha is designed for self-employed persons, the Samata for the low-income people and the Prabashi package for the expatriate Bangladeshis. The two remaining packages will be launched later. Any citizen aged above 18 can participate in the universal pension scheme to get the pension facility during the retirement life, by paying installments till the person reaches the age of 60. An individual aged even above 50 can join the scheme but the person will need to pay installments for 10 consecutive years. Bill on the universal pension returns to the House after scrutiny Finance Minister AHM Mustafa Kamal and Bangladesh Bank Governor Abdur Rouf Talukder, also spoke on the occasion. PM’s Principal Secretary M Tofazzel Hossain Miah moderated the function, while Senior Secretary of the Finance Division Fatima Yasmin delivered the welcome speech. In the event, a video documentary on the Universal Pension Scheme was screened. JS passes bill to introduce Universal Pension Scheme

More than 1 million people demonstrated across France on Thursday against unpopular pension reforms, and violence erupted in some places as unions called for new nationwide strikes and protests next week, coinciding with King Charles III's planned visit to France. The Interior Ministry said the march in Paris — marred by violence, as were numerous marches elsewhere — drew 119,000 people, which was a record for the capital during the pension protests. Polls say most French oppose President Emmanuel Macron's bill to increase the retirement age from 62 to 64, which he says is necessary to keep the system afloat. Building on the strong turnout, unions swiftly called for new protests and strikes on Tuesday when the British king is scheduled to visit Bordeaux on the second day of his trip to France. The heavy wooden door of the elegant Bordeaux City Hall was set afire and quickly destroyed Thursday evening by a members of an unauthorized demonstration, the Sud Ouest newspaper said. Nationwide, more than a million people joined protest marches held in cities and towns around the country Thursday, the ministry said. Interior Minister Gerald Darmanin, visiting police headquarters Thursday night as fires still burned in some Paris neighborhoods, gave assurance that security “poses no problem” and the British monarch will be “welcomed and welcomed well.” He said there was “enormous degrading” of public buildings and commerce Thursday, “far more important than in precedent demonstrations.” “There are troublemakers, often extreme left, who want to take down the state and kill police and ultimately take over the institutions,” the minister said. The demonstrations were held a day after Macron further angered his critics by standing strong on the retirement bill that his government forced through parliament without a vote. “While the (president) tries to turn the page, this social and union movement ... confirms the determination of the world of workers and youth to obtain the withdrawal of the reform,” the eight unions organizing protests said in a statement. It called for localized action this weekend and new nationwide strikes and protests Tuesday. Strikes upended travel as protesters blockaded train stations, Charles de Gaulle Airport in Paris, refineries and ports. In Paris, street battles between police and black-clad, masked groups who attacked at least two fast food restaurants, a supermarket and a bank reflected intensifying violence and drew attention away from the tens of thousands of peaceful marchers. Police, pelted by Molotov cocktails, objects and fireworks, charged multiple times and used tear gas to disperse rioters. A haze of tear gas fumes covered part of the Place de l'Opera, where demonstrators converged at the march's end. Darmanin said radicals numbered some 1,500. Read more: Nearly 1 million French march in 4th day of pension protests Violence marred other marches, notably in the western cities of Nantes, Rennes and Lorient — where an administrative building was attacked and the courtyard of the police station was set afire and its windows broken — and in Lyon, in the southeast. Thursday's nationwide protests were the ninth union-organized demonstrations since January, when opponents still hoped that parliament would reject Macron's measure to raise the retirement age. But the government forced it through using a special constitutional measure. In an interview Wednesday, Macron refused to budge from his position that a new law is necessary to keep retirement coffers funded. Opponents proposed other solutions, including higher taxes on the wealthy or companies, which Macron says would hurt the economy. He insisted the government’s bill to raise the retirement age must be implemented by the end of the year. The Constitutional Council must now approve the measure. “We are trying to say before the law is enacted ... that we have to find a way out and we continue to say that the way out is the withdrawal of the law," the chief of the moderate CFDT trade union, Laurent Berger, told The Associated Press. High-speed and regional trains, the Paris metro and public transportation systems in other major cities were disrupted. About 30% of flights at Paris Orly Airport were canceled. The Eiffel Tower and the Versailles Palace, where the British monarch is to dine with Macron, were closed Thursday due to the strikes. Violence, a recurring issue at protests, has intensified in recent days. Darmanin said that 12,000 security forces were in the French streets Thursday, with 5,000 in Paris, The Education Ministry said in a statement that about 24% of teachers walked off the job in primary and middle schools on Thursday, and 15% in high schools. At Paris' Gare de Lyon train station, several hundred strikers walked on railway tracks to prevent trains from moving, brandishing flares and chanting “and we will go, and we will go until withdrawal" and “Macron, go away.” Read more: Anger spreads in France over Macron's retirement bill push "This year perhaps maybe our holidays won’t be so great," said Maxime Monin, 46, who stressed that employees like himself, who work in public transport, are not paid on strike days. "But I think it’s worth the sacrifice.” In the northern suburbs of Paris, several dozen union members blocked a bus depot in Pantin, preventing about 200 vehicles from getting out during rush hour. Nadia Belhoum, a 48-year-old bus driver participating in the action, criticized Macron’s decision to force the higher retirement age through. “The president of the Republic ... is not a king, and he should listen to his people," she said.