At the Nurul Quader Auditorium of the BGMEA Complex in Dhaka, a significant discussion took place on the Universal Pension Scheme (UPS). The event saw participation from members of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and various stakeholders of the apparel sector. The meeting was chaired by NPA Executive Chairman Dr Md Suratujjaman, with BGMEA President Mahmud Hasan Khan as the chief guest and other notable figures from the National Pension Authority (NPA) and BGMEA in attendance.
Sheikh Kamrul Hasan, a Member of the NPA, highlighted in his welcome address that the government introduced the UPS to ensure financial and social security for citizens in their old age, tailored to the country's socio-economic landscape. The scheme is designed for individuals aged 18 to 50, allowing them to contribute through banks and receive their accumulated contributions as pension after turning 60. In cases where a subscriber passes away before reaching 60, the designated nominee will receive the deposited amount along with any accrued profits.
Dr Md Suratujjaman elaborated on the scheme's objectives, emphasizing its role as a future financial security net for citizens. He noted the government's plan to invest around US$100 million, financed by the Asian Development Bank, to enhance the scheme's effectiveness. The latest amendment to the Bangladesh Labour Act 2026 mandates that workers in industrial establishments with over 100 employees be included in the UPS. Dr Suratujjaman called on these establishments to initiate account openings for their employees under the scheme.
BGMEA President Mahmud Hasan Khan stressed the government's commitment to the overall welfare and social security of the people. He advocated for the immediate inclusion of all apparel sector workers in the UPS, suggesting it would fulfill a significant electoral pledge and promote a discrimination-free society. To encourage worker participation, he proposed special government incentives for the first two years and a reduction in the pension age for garment workers from 60 to 55 years.
The discussion also addressed the challenges of managing the scheme for around five million ready-made garment sector workers, as noted by BGMEA Senior Vice President Enamul Haque Khan. Despite these challenges, he praised the government's initiative as timely and commendable. BGMEA Vice President Md Rejwan Selim highlighted the scheme's attractive rate of return, which he believed would provide long-term protection for garment workers. The meeting concluded with a commitment from BGMEA to develop a specific plan to bring all apparel sector workers under the UPS.
