National Pension Authority formed

The National Pension Authority has been formed by the government in order to incorporate people from all backgrounds in the universal pension program.

According to a notification from the Finance Division, the authority has been set up in compliance with the relevant clause of the Universal Pension Management Bill, 2023, which was adopted by the parliament on January 24.

However, there was no mention of the authority members in the notification.

Under the Universal Pension Management Bill of 2023, everyone between the ages of 18 and 50 will have access to pension benefits, with the exception of government personnel.

Every person will receive Tk34,000 a month at age 60 after making a monthly contribution of Tk500 from the age of 18 to 50. They will receive Tk64,000 every month if they deposit Tk1,000.

According to the law, Bangladeshis who reside abroad may also be eligible for pension payments. They have the option to sign up for the program.

Participation in the pension plan shall be voluntary, unless the government promulgates a law mandating it.

A person must contribute for at least 10 years in order to receive a pension from the time they turn 60 until they pass away. The proposed bill will establish a rule that will determine the premium amount.

If an elderly person passes away prior to the age of 75, the nominee will get the pension for the remaining term.

The bill also establishes a 15-member governing committee, whose chairman will be the finance minister. The governor of the Bangladesh Bank, the finance secretary, the president of the Bangladesh Employers' Federation, and the head of the National Board of Revenue will all be in attendance.

The governing body shall meet a minimum of three times a year.