Universal Pension Scheme in Bangladesh- Learn How to Register

The Prime Minister of Bangladesh launched the Universal Pension Scheme 2023 on August 17. This program offers residents a route to a self-sufficient retirement. It will be possible for people to save for a self-sufficient retirement within their means, even if their income is modest.

The Universal Pension Management System has been developed on a complete IT platform in line with the implementation of the Hon’ble Prime Minister’s goal to achieve ‘Smart Bangladesh’. Let’s delve into the process, Everything about the Universal Pension Scheme in Bangladesh, and learn to register.

What is a Universal Pension Scheme?

The program’s primary goals are to give the nation’s aging population a monthly stipend to help with living expenses and to place them under a well-organized social safety net.

Every qualified person in the country is eligible to participate in the universal pension plan, which offers a stable financial future. But to enjoy this privilege, certain basic prerequisites must be fulfilled.

Primary Terms and Conditions of Universal Pension Scheme 2023

Below is a breakdown of the Public Pension Management Act of 2023’s encompassing provisions:

Individuals between the ages of 18 and 50 are eligible, as validated by their National Identity Card (NID). Individuals over the age of 50 can join for a decade with special attention and become eligible for lifelong monthly pensions after ten years of steady contributions.

Starting the plan requires online registration with appropriate information. Beneficiaries of existing social security schemes can switch to this scheme after their present benefits expire.

Each registrant will be allocated a dedicated account to manage all elements of their scheme’s money.

The pensioner’s lifespan contingencies are taken into consideration. The recipient’s designated nominee will subsequently get the monthly pension payments in the event of their passing. The nominee’s eligibility to collect this pension will last until the principal pensioner turns 75 years old. For example, if the primary pensioner dies at age 68, the nominee will get the monthly benefits for the next seven years.

The scheme registrant may pass away while actively contributing to the pension system before it reaches maturity. In this case, the specified nominee will get the entire deposit amount, as well as any earned earnings. It is worth mentioning that each tier of the pension system has a contribution duration of at least ten years.

Government services accessed through Mobile Financial Services (MFS) incur a 0.70 percent cash-out charge, or BDT 7 per thousand. According to a Ministry of Finance circular dated August 16, it also includes this initiative.

What are the schemes?

Four different schemes have been introduced—Progoti, Surokkha, Somota, and Probash—to draw citizens from all walks of life into the pension system.

Progoti

The initiative is intended for private-sector employees. It is open to any employee or owner of a private organization to participate.

Surokkha

This initiative is open to anyone working in the informal sector, including farmers, rickshaw pullers, workers, blacksmiths, potters, fishermen, and weavers.

Somota

This initiative is open to low-income people earning no more than Tk 60,000 per year. The Bangladesh Bureau of Statistics declared income limit will determine who falls below the poverty line.

Probash

Participation in this initiative is open to any citizen of Bangladesh who works or resides overseas as long as they deposit the required amount in foreign currency.

How to register or take part in the pension scheme?

Here are the step-by-step guidelines on how to register for a pension scheme:

A website titled ‘Upension’ has been developed for the universal pension program.

People who want to register for the scheme can do so by browsing the National Pension Authority’s website, www.upension.gov.bd

Applicants must complete each section of the registration form with accurate information. If you register with erroneous or misleading information, your application will be canceled and your deposit will not be returned.

Each new member must register first by clicking on the Pensioner Registration icon in the top right corner of the “Upension” website.

A new screen will appear, with two alternatives available. One will be “I agree,” and just below it will be another choice that will prompt the user to “Login” if you have an account.

The third pop-up window will prompt the person to register by first picking the scheme and then entering his/her national identity number, date of birth, mobile number, and e-mail address.

Once the user completes the Captcha, this window will direct them to the following window.

After completing the Captcha, a window will appear asking the user to enter the one-time password, or OTP, that was provided to the phone number listed in the preceding window.

The fifth window will open, requiring the person to provide specific information about himself/herself in five separate tabs: Personal Information, Scheme Information, Bank Information, Nominee Information, and the Whole Form.

According to the NID information provided on the previous page, this page will display the applicant’s NID number, photo, Bengali and English names, mother’s and father’s names, and current and permanent addresses.

Here, the applicant’s yearly income should be specified, along with the division, district, upazila, and name of his profession.

There will be another page titled “Scheme Information”. Here, the individual must select the monthly gift amount and the payment schedule. Three payment options—monthly, quarterly, and annual—will be available.

Next, the bank details need to be entered. The applicant must include the account name and number, account type (current or savings), bank name, branch, and routing number on this page.

The next page should contain the nominee’s details. It is necessary to provide the nominee’s date of birth and national identity card number.

It is possible to add multiple nominees. The nominee’s mobile number, relationship to the nominee, and other details should be included on this page.

‘Full Form’ is the final registration process that follows next. Personal, scheme, bank, and nominee information will be displayed to the applicant.

If the applicant discovers any errors on this “Full Form” page, they can fix them. If the individual grants consent, the registration process will conclude if there are no errors.

Conclusion

Pension schemes could potentially give people a scope to secure their future. The low-income citizens of Bangladesh can also benefit from the Universal Pension Scheme 2023. The government has already started its activities by establishing the National Pension Authority.

Any person with limited IT knowledge or no IT access can complete the registration with the help of Union Digital Center, Internet Cafe, or anyone else. If one does not have an online payment facility, he can easily deposit money by going to the counter of any branch of Sonali or Agrani Bank.

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