Bangladesh has taken a significant step towards ensuring financial security for its senior citizens with the introduction of a 'universal pension scheme.' This initiative aims to establish a prosperous, poverty-free, and welfare-based state by providing old-age financial security to all working citizens, including private and informal sector workers and expatriates.
In an interview with BSS, Dr. Md Suratuzzaman, Executive Chairman of the National Pension Authority (NPA), highlighted that the scheme establishes a national, contribution-based, inclusive, and sustainable pension culture for the first time in Bangladesh. Unlike the conventional non-contributory government pension, the universal pension scheme is contributory, offering lifelong monthly pension benefits to participants who make regular contributions.
