17 pvt banks sign MoU to support Universal Pension Scheme

In a move to strengthen the implementation of the Universal Pension Scheme, the National Pension Authority (NPA) signed Memorandum of Understanding (MoU) with 17 private banks on Monday.

The deal aims to streamline registration, contribution collection, and API (Application Programming Interface) integration for the system, says a press release.

Speaking as the chief guest at the signing ceremony Finance Division secretary Dr Khairuzzaman Mozumder urged private banks to extend full cooperation and actively promote the pension scheme to ensure wider public participation.

"The successful execution of the Universal Pension Scheme depends largely on the sincerity and proactive involvement of our banking partners," said Mr Mozumder.

He called on the banks to motivate their customers to register and contribute under the scheme to build a financially secure future. The event, held at the conference room of the Finance Division was presided over by Mahiuddin Khan, Executive Chairman, National Pension Authority (NPA). The Managing Directors of the participating banks, including Bank Asia PLC, Bangladesh Commerce Bank Ltd, Bangladesh Development Bank PLC, BASIC Bank Ltd, Bengal Commercial Bank PLC, Dhaka Bank PLC, EXIM Bank PLC, Jamuna Bank PLC, Meghna Bank PLC, Mercantile Bank PLC, NRB Bank PLC, NRBC Bank PLC, SBAC Bank PLC, Standard Bank PLC, Shimanto Bank PLC, Social Islami Bank PLC, and United Commercial Bank PLC, attended the ceremony.

With the latest MoUs, a total of 41 banks have now partnered with the NPA to facilitate the universal pension initiative. The authority plans to sign similar agreements with all remaining domestic banks.

The Universal Pension Scheme, administered by the NPA, features four tailored programmes -- Probash, Progoti, Surakkha, and Samata -- designed respectively for expatriates, private-sector employees, self-employed individuals, and low-income earners.

The scheme offers a unique pension ID for each subscriber, allowing real-time tracking of contributions and returns through an online platform.

In addition to post-retirement financial security, the scheme offers several benefits, including income tax rebates, loan facilities, and government co-contributions for poor and underprivileged groups.

syful-islam@outlook.com