Bangladesh Bank’s directive allows mobile financial providers to charge up to Tk 0.7 per Tk 100 deposited by Universal Pension Scheme members.
This announcement follows the launch of the long-awaited universal pension scheme on August 17.
The scheme aims to establish a structured social safety net for the growing elderly population in the country.
Under this program, citizens aged 18 to 50 are eligible for coverage, and the government has introduced four distinct schemes: Progoti, Surokkha, Somota, and Probash.
This initiative encompasses citizens employed in the private sector and Bangladeshis residing overseas.
The policyholders who fulfill the requirement of consistent installment payments for ten years will be eligible to receive a monthly stipend once they reach the age of 60.
This provision is in line with a circular issued by the finance division on August 16, which also set the cash-out charge for beneficiaries withdrawing funds from social safety net schemes at 0.7%.
This same charge is applicable to installment payments made through mobile financial services (MFS) for UPS.
Upon depositing the subscription fee into the pension authority’s accounts, MFS providers are obligated to dispatch confirmation messages to the policyholders, per the finance division’s circular.
This strategic move by the government aims to alleviate financial concerns for elderly citizens by providing them with a reliable source of income during their retirement years.
The step has been taken to foster a more structured and organized approach to supporting the aging population and ensuring their well-being.
The stipulated fee for MFS providers will aid in sustaining the administration of the pension scheme, ensuring its effectiveness in the long run.