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The government has formed a National Pension Authority to administer universal pension scheme which aims to support country's growing elderly population by providing annuity.
The ministry of finance published Sunday a notification stating that the authority has been formed under the section 4 (1) of Universal Pension Management Act 2023.
Earlier, the government on January 31 published a gazette notification of the Universal Pension Management Act 2023 which was passed in the parliament on January 24 this year.
The act mentioned that all Bangladeshi nationals aged between 18 and 50 years are eligible to participate in this pension scheme and get pension each month when they reaches at 60 years.
However, people aged over 50 also can participate in the scheme but they will be eligible to receive pension until their death, only after providing premium for at least 10 years uninterruptedly.
The act mentioned that government will soon establish a National Pension Authority to run the scheme headed by an executive chairman and four more members. A 16-member governing body, headed by finance minister, will be formed to oversee the activities of the pension authority.
Moreover, a National Pension Authority Fund will be formed from where grants given by the government, fee and charges collected under scheme, money realised against the services given by the pension authority, loans taken on pre-approval of the government, and money received from any other sources will be preserved.
The authority will fix a rate of minimum fee for the participants which can be paid monthly or quarterly basis.