The government has formed the National Pension Authority to bring in people from all walks of life under the universal pension scheme.

The authority has been formed as per the relevant section of the Universal Pension Management Act, 2023 which was passed in the parliament on January 24, according to a Finance Division notification issued yesterday.

However, the notification did not mention details about the authority members.

Under the Universal Pension Management Act, 2023, all citizens aged between 18 and 50, except for government employees, will enjoy pension facilities.

According to the act, expatriate Bangladeshis can also avail pension facilities as they can get registered under the scheme.

The inclusion in the pension scheme will be voluntary unless the government issues a gazette for making it mandatory.

A person will have to pay a premium for at least 10 years to get pension.

The amount of premium will be determined by a rule to be formulated under the law.

If an elderly person dies before the age of 75, the nominee will get the pension for the remaining period.

As per the Act, there will also be a 15-member governing body with the finance minister in the chair. It will include, among others, the Bangladesh Bank governor, the finance secretary, the National Board of Revenue chairman and the Bangladesh Employers' Federation president.

The governing body will hold at least three meetings per year.

BDST: 1256 HRS, FEB 14, 2023
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