The upcoming national budget may introduce provisions allowing registration for the Universal Pension Scheme at Union Digital Centers, in addition to banks. This initiative is aimed at individuals with little or no IT knowledge.
Moreover, registrations can also be done at internet cafes. Finance Minister Abul Hassan Mahmood Ali is expected to announce these measures in his budget speech for the fiscal year 2024-25, according to sources from the Ministry of Finance.
Once registered for the pension scheme, contributors can deposit their payments online via banking services, or through credit cards, debit cards, and mobile financial services like bKash and Nagad. This aligns with the ‘Smart Bangladesh’ vision, promoting a fully digital platform for managing the Universal Pension System.
The Finance Minister Abul Hasan Mahmud Ali might also highlight that contributors can track their total deposits and dividends online. For those without online payment facilities, deposits can be made at any branch of the designated banks. This initiative supports the Prime Minister’s ‘Vision 2041’ for Smart Bangladesh.
Additionally, the Finance Minister will mention the new mandatory program ‘Protyay,’ starting on July 1, for employees of autonomous and state-owned organizations. This is part of the government’s broader pension programs which will be funded in the upcoming budget, with an allocation of approximately one billion taka.
Since the launch of the Universal Pension Scheme on August 17, 2023, nearly 279,569 individuals have registered. The ‘Samata’ program has seen the highest number of registrations, while the ‘Progoti’ program has collected the most contributions. Over the past month, registrations have surged, with more than 150,000 new registrants, bringing the total deposits to 820 million taka. Of this, 625 million taka has been invested in government treasury bills.
The pension authority has signed agreements with Sonali, Agrani, The City, and BRAC banks to facilitate contributions to the state treasury. Negotiations are ongoing with Prime, Eastern, Mutual Trust, and Dutch-Bangla banks, as well as Janata Bank.
