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Nationwide Pension Scheme to Commence on Thursday
The Government has recently announced the issuance of the ‘Universal Pension Scheme Regulations 2023’. On the upcoming Thursday (August 17), Prime Minister Sheikh Hasina will inaugurate the Pension Scheme. The preparations for the launch of this scheme have been undertaken by the Ministry of Finance, covering the districts of Ganabhaban, Gopalganj, Bagerhat, Rangpur, and the Saudi Arabian Embassy in Bangladesh.
As revealed, the Ministry of Finance’s Department of Economic Affairs released the ‘Universal Pension Scheme Regulations 2023’ on Monday (August 13). Under this initiative, individuals joining the scheme at the age of 18 will be entitled to maximum benefits. Currently, the government has introduced four types of pension schemes on an emergency basis. These are: Progoti, Probash, Shurokkha and Samata. Among these categories, the Probash category holds the highest potential for Bangladeshi expatriates to accumulate the most funds. Expatriate Bangladeshis will have the opportunity to deposit up to a maximum of 10,000 Bangladeshi Taka per month to avail pension benefits. The regulations define the eligibility criteria, contribution amounts, and the amount of pension to be received monthly upon the completion of the stipulated period.
Sources indicate that the Pension Scheme includes various categories tailored to different groups. The Emigrant Probash Scheme is designed for expatriates, the Shurokkha Scheme for private sector employees, the Security Scheme for those engaged in informal sectors or self-employment, and the Samata Scheme for low-income individuals. On Thursday, the website named ‘UPension’ will also be launched, allowing individuals to enroll in the pension scheme from that day onwards through the online platform.
As per the regulations, any Bangladeshi citizen holding a national identity card aged between 18 and 50 can become a part of the Pension Scheme. Additionally, individuals over 50 years of age can also join any type of pension scheme based on specific considerations. However, the exact details of the pension scheme for individuals above 50 are yet to be finalized.
For expatriate Bangladeshis who lack a national identity card (NID), they can register based on their passport information. However, it is essential for them to submit their NID to the government within a reasonable timeframe. Those already benefiting from the Social Safety Net program will also be eligible for the pension scheme. In such cases, they will need to forego the benefits they currently receive under the Social Safety Net program.
Bangladeshi citizens residing within the country or abroad will have the option to apply for the National Pension Scheme through an online form provided by the relevant authority. In contrast, they will need to provide a Unique Identification Number (UID) as part of the application process. The application form will require the applicant’s mobile number and, for non-residents, an automated email will facilitate the submission of their UID number, current exchange rate, and date of monthly contribution.
Determining Pension Amount Based on Contribution:
Under the Probash Scheme:
Expatriate Bangladeshis opting to contribute a monthly installment of 5,000 Taka for 10 years will receive a pension of 7,651 Taka per month. For a similar contribution over 42 years, the monthly pension amount will reach 1 lakh 72 thousand 327 Taka.
By depositing 10,000 Taka monthly for 10 years, individuals can obtain a monthly pension of 15,302 Taka. Similarly, contributing the same amount for 42 years will yield a monthly pension of 3 lakh 44 thousand 655 Taka.
Under the Pragati Scheme:
Private sector employees will be eligible for the Pragati Scheme. By depositing a minimum monthly installment of 2,000 Taka for 10 years, they will qualify for a monthly pension of 3,060 Taka. A 10-year contribution of 5,000 Taka will yield a pension of 7,651 Taka.
For those contributing a monthly installment of 2,000 Taka for 42 years, the monthly pension will amount to 68,931 Taka. Similarly, if the monthly contribution of 5,000 Taka is made until retirement (42 years), the pension will be 1 lakh 72 thousand 327 Taka per month.
Under the Shurokkha Scheme:
Individuals employed in the informal sector will fall under the Shurokkha Scheme. By contributing 1,000 Taka per month for 10 years, they will be eligible for a monthly pension of 1,530 Taka. Similarly, a 42-year contribution of 1,000 Taka per month will yield a monthly pension of 34,465 Taka.
Under this scheme, a maximum monthly contribution of 5,000 Taka is allowed. By contributing this amount for 10 years, an individual will receive a monthly pension of 7,651 Taka. Likewise, a 42-year contribution of 5,000 Taka per month will result in a monthly pension of 1 lakh 72 thousand 327 Taka.
Samata Scheme:
Under the Samata Scheme, marginalized communities living below the poverty line will be included. Their monthly contribution will be 1,000 Taka. However, the government will contribute 500 Taka on their behalf. In other words, those falling under this scheme will need to deposit 500 Taka. By contributing for 10 years, they will receive a monthly pension of 1,530 Taka. Similarly, a contribution over 42 years will result in a monthly pension of 34,465 Taka.
According to the Pension Scheme regulations, pension contributions must be made to the designated bank account of the National Pension Authority. Contributions can be made through online banking, credit cards, debit cards, mobile financial service providers (MFS), and any branch of the specified bank.
If the contribution is not made within the stipulated time, a grace period of one month without any penalties will be allowed. If the delay extends beyond one month, a penalty will be imposed at a rate of 1% per day. An option to make advance contributions for upcoming months is also available. Contributions can be made on a monthly, quarterly, or annual basis.
Contributors can utilize 50% of the accumulated amount, along with interest, to cover medical expenses, home construction, renovations, and their child’s wedding expenses. This amount can be repaid in 24 installments.
This scheme is designed to address the needs of the economically disadvantaged sections of society, ensuring their financial security and offering a pathway to a stable future. The diverse options for contribution and utilization make this pension initiative a comprehensive endeavor that caters to the specific requirements of different individuals and families.
Weekly Dhaka Stock Exchange, DSE, Dhaka Bourse has seen a negative performance in Indices, Turnover & Market Capitalization throughout the whole week, This information was disclosed in the weekly market review from the DSE.
According to sources, (5 working days) the turnover of DSE lost by Tk 3 thousand 289 crore 7 lakh (August 18 – August 22). At the same time, the market capitalization has decreased by 16 thousand 132 crore 59 lakh taka.
The benchmark index ‘DSEX’ lost by 203.92 points or 3.45 percent, in the outgoing week. At the end of the week, the index stands at 5,699 points. The Shariah-based index ‘DSES’ dropped 45.64 points or 3.61 percent and therefore the index stands at 1,264 points. The blue-chip index ‘DS30’ decreased by 88.76 points or 4.07 percent, hence the index stands at 2,090 points.
Shares and units worth 3 thousand 122 crore 5 lakh taka were traded in Dhaka Stock Exchange. At the end of the week, the market capitalization stood at 6 lakh 92 thousand 831 crore 80 lakh taka.
Shares and units of 394 companies were traded on Bourse during the week. Of these, 5 shares were unchanged, 357 companies declined, and 32 companies advanced.
Grameenphone Limited has ranked at the top of weekly trading on DSE. The Company records an average turnover of 57 crore 69 lakh taka.
Midland Bank PLC ranked at the top of weekly gainers on DSE. The share has risen 12.09 percent to its highest price.
SEML FBLSL Growth Fund has ranked at the top of weekly losers on DSE. The unit has dropped 14.52 percent lowest in the last week.
Prime Minister Sheikh Hasina today offered solace to the families of those killed during the chaos instigated by BNP-Jamaat terrorists, who exploited the recent quota reform movement. The grieving families met her at her official residence, Ganabhaban.
Among the bereaved were the family members of Abu Sayeed, a student from the English Department at Begum Rokeya University, Rangpur (BRUR), along with 33 other families. Sheikh Hasina presented them with saving certificates and cash as a gesture of assistance.
The sight of the prime minister brought the grieving families to tears. As each family member approached Sheikh Hasina, their emotions overflowed, and they broke down crying.
The prime minister, visibly moved, also struggled to contain her emotions. Tears streamed down her face as she listened to their stories, and she appeared deeply distressed.
In her attempt to console the families, Sheikh Hasina shared her own pain, saying, “Look at me, I am living with so much pain.” She reassured them of her support, expressing that she, too, understands the agony of losing loved ones. “It’s my misery that I have to see your tears,” she continued.
The atmosphere at Ganabhaban was heart-wrenching, filled with grief and shared sorrow.
Present at the event were Speaker Shirin Sharmin Chaudhury and Home Minister Asaduzzaman Khan, with Prime Minister’s Office Secretary Mohammad Salahuddin moderating the proceedings.
Abu Sayeed’s father Makbul Hossain, mother Monwara Begum, and other relatives traveled from Rangpur to Dhaka and attended the gathering at Ganabhaban.
Abu Sayeed, a 12th batch student in the English Department at BRUR, died on July 16 during the quota reform movement in Rangpur. Earlier, on July 26, the BRUR administration provided financial support to Sayeed’s family, delivering a cheque of Taka 750,000 to his parents in Pirganj, Rangpur.
Dhaka Stock Market DSE, Bourse on the first working day of the week, 28th July, ended with a drop in Indices and Turnover from the previous working session. This information is known from DSE sources.
488 crore 38 lakh taka shares were traded on this day. 8 crore 96 lakh less tradings were done in DSE today compared to the previous workday, July 25th, Shares worth Tk 497 crores 34 lakh shares were traded last time, Thursday.
The benchmark DSEX decreased 29.92 points or 5,383 The Shariah-based index DSES lost 5.65 points or 1,177 and the blue-chip index DS30 dropped by 11.51 points or 1,951.
Of the issues traded, 88 advanced, 261 declined and 43 remained unchanged.
Techno Drugs Limited ranked top gainer on DSE, the share price increased by Tk 4.20 paisa or 9.93 percent. On this day, the share was last traded at Tk 46.50 paisa.
Shurwid Industries Limited ranked top loser on the DSE, the share price dropped by Tk 0.30 paisa or 3.00 percent. On this day, the share was last traded at Tk 9.70 paisa.
DSE topped on trade is Agni Systems Limited 28 crore 71 lakh takas of company shares have been traded.
A total of 33 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 1 crore 31 lakh 74 thousand 737 shares of the companies were traded. The financial value of which is 30 crore 93 lakh taka
