Universal Pension: Maximum Deposit Amount and Benefits Explained

The Ministry of Finance has introduced the universal pension scheme, encompassing four distinct categories, to provide financial security for various segments of the population. This comprehensive guide outlines the four schemes and their respective benefits, while addressing deposit amounts and other crucial details. Stay informed about the universal pension system and make informed decisions for your financial future.

Universal Pension Scheme in Bangladesh: Deposit Amount and Benefits

Four Schemes to Choose From

The universal pension system comprises four unique schemes, tailored to different groups:

1. Prabhas Scheme: Designed for expatriate Bangladeshi citizens.
2. Pragati Scheme: Catering to employees of private institutions.
3. Protection Scheme: Suited for self-employed individuals.
4. Samata Scheme: Intended for low-income self-employed citizens

Prabhas Scheme (for Expatriate Bangladeshi Citizens)

Expatriate Bangladeshis can opt for the Pravas Scheme by contributing in foreign currency:
- Tk 5,000
- Tk 7,500
- Tk 10,000

Upon returning to Bangladesh, expatriates can convert and contribute the equivalent amount in local currency. The pensioner will receive the pension in local currency upon scheme completion.

For instance, if an expatriate consistently deposits Tk 10,000 per month for 42 years, they can expect a monthly pension of Tk 3,44,655.

Pragati Scheme (for Employees of Private Institutions)

Employees in the private sector can engage in the Pragati Scheme by making monthly contributions of:
- Tk 2,000
- Tk 3,000
- Tk 5,000

Participation involves a 50-50 contribution split between the employee and the organization. Individual participation is also possible if the organization doesn't partake institutionally.

A private employee contributing Tk 5,000 per month for 42 years can anticipate a monthly pension of Tk 1,72,327.

Protection Scheme (for Self-Employed Citizens)

The Protection Scheme is open to self-employed individuals in the informal sector, including laborers, farmers, and craftsmen. Monthly contributions range from:
- Tk 1,000
- Tk 2,000
- Tk 3,000
- Tk 5,000

A deposit of Tk 5,000 per month over 42 years will yield a monthly pension of Tk 1,72,327.

Samata Scheme (Contributory Pension for Low-Income Citizens)

Low-income citizens, categorized by an annual income below Tk 60,000, are eligible for the Samata Scheme. This scheme requires a monthly contribution of Tk 1,000. The government matches this contribution, resulting in a total monthly deposit of Tk 2,000.

By consistently contributing to the Samata Scheme for 42 years, participants can enjoy a monthly pension of Tk 34,465.

Stay updated on the universal pension system and its benefits. Whether you're an expatriate, private employee, self-employed individual, or low-income citizen, these schemes offer valuable financial security for your future. Make the right choice for your retirement with the universal pension program.