Universal pension scheme to be rolled out in FY24

The government plans to introduce the universal pension scheme in the coming fiscal year.

The Universal Pension Management Act, 2023 has already been passed and Finance Minister AHM Mustafa Kama said he hoped to roll out the scheme from FY2023-24.

He said while placing the Tk 7,61,785 crore national budget for 2023-24  fiscal year in the parliament on ThursdayUnder the proposed scheme, a beneficiary can enjoy pension benefits subject to the payment of subscription up to the age of 60 years if he or she enrols at the age between 18 to 50 years, whereas those who enrol at their age of more than 50 years have to pay a subscription for a minimum of 10 years.

The expatriate Bangladeshi will be able to participate in this scheme, he added.