‘Universal pension scheme to be launched soon’

Finance Minister AHM Mustafa Kamal said that an authority will soon be formed to introduce and implement the universal pension scheme.

Finance Minister AHM Mustafa Kamal said that an authority will soon be formed to introduce and implement the universal pension scheme.

The minister said this while addressing the budget session 2023-24 at the national parliament on Thursday (June 1).

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.

Under 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 Bangladeshis will be able to participate in this scheme.