A review meeting held at the Secretariat on Wednesday stressed the need to increase the participation of officers and employees of scheduled banks in the Universal Pension Scheme's "Progoti Scheme" to ensure financial security for private-sector workers after retirement.
The meeting, chaired by Nazma Mobarek, Secretary of the Financial Institutions Division under the Ministry of Finance, was attended by representatives of Bangladesh Bank and managing directors of scheduled banks. Discussions focused on the progress of the Universal Pension Scheme and measures to expand enrolment of banking sector employees in the Progoti Scheme.
Presenting the keynote paper, National Pension Authority Executive Chairman Dr Md Surathuzzaman said that although around 18 million registered workers are employed in the country's private sector, most lack institutional financial protection after retirement. While government employees enjoy pension benefits, private-sector workers remain largely outside such coverage. In this context, the Progoti Scheme has emerged as an effective and sustainable solution.
He added that several proposals are under consideration to make the scheme more attractive, including the introduction of an equity-based pension option, lifetime pension benefits for nominees, and the inclusion of outsourced employees.
Under the Progoti Scheme, designed specifically for private-sector employers and employees, workers will contribute 50 percent of the monthly premium, with the remaining 50 percent borne by the employer. Monthly contributions range from Tk 1,000 to Tk 15,000.
The scheme offers lifelong monthly pension benefits after retirement, tax exemptions on contributions, tax-free pension income, and an option to withdraw up to 30 percent of accumulated savings as a lump-sum gratuity after reaching the age of 60.
As of May 30, a total of 377,930 people had enrolled in the four pension schemes, with deposits reaching nearly Tk 260 crore and investments amounting to Tk 286 crore. The meeting unanimously agreed that Bangladesh Bank and scheduled banks would take necessary steps to bring their employees under the Progoti Scheme and support the government's target of ensuring at least one pension participant in each of the country's 40 million families by 2030.
