In just 10 months since its launch, Bangladesh’s Universal Pension Scheme has surpassed a significant milestone, registering over 300,000 participants. As of Monday, the total number of enrollees reached 303,176.
Prime Minister Sheikh Hasina inaugurated the Universal Pension Scheme on August 17, 2023, aiming to provide sustainable social security for the elderly and to realize the vision of a discrimination-free society, a dream held by Father of the Nation Bangabandhu Sheikh Mujibur Rahman.
Initially, the scheme was launched under four categories: “Probash,” “Progoti,” “Surokkha,” and “Somota.” Recently, a fifth category, “Prottoy,” has been introduced for employees of self-governed, autonomous, and state-owned enterprises, effective from July 1, 2024.
According to the National Pension Authority, the current enrollment numbers are as follows: 799 in Probash, 21,294 in Progoti, 56,919 in Surokkha, and 224,164 in Somota. Notably, 87 NGOs have subscribed to the Progoti scheme on behalf of their employees.
The government has actively engaged field administration to extend the benefits of the Universal Pension Scheme to the grassroots. Committees led by the Principal Secretary of the Prime Minister’s Office (PMO) have been established at national, divisional, district, and upazila levels to oversee implementation and coordination. Officials from the PMO are tasked with monitoring registration activities across various administrative levels.
Efforts to raise awareness and involve all segments of society include organizing fairs and workshops at the divisional level. Events have already been held in Rajshahi and Rangpur, with more planned at the district level. Additionally, fliers and booklets have been distributed to inform the public about the scheme.
Union Digital Centers’ entrepreneurs have been enlisted to promote the scheme, contributing to the significant increase in registrations. To date, Tk 62 crore has been invested in treasury bonds from the pensioners’ subscriptions, ensuring a safe investment source.
Currently, two public banks, two private banks, and one mobile financial service provider are involved in collecting monthly subscriptions. Plans are underway to include four more public banks, four private banks, and another mobile financial service provider to further streamline operations.
The Universal Pension Scheme is gaining popularity as a means to ensure financial security for citizens in developing countries. The Awami League (AL) government’s initiative under Prime Minister Sheikh Hasina is seen as a landmark welfare step, promising financial stability for the elderly in their post-retirement years. This initiative is expected to contribute significantly to building a smart and prosperous Bangladesh by 2041.
