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The government has finalised the draft of separate rules on Universal Pension Fund Management to help safe and secure investment of premium money.
The intending subscribers will be able to choose four schemes.
The schemes are Pragati, Surokkha, Samata and Prabashi. Any Bangladeshi citizen aged over 18 can take up respective schemes from home and abroad.
Prime Minister Sheikh Hasina Thursday launched the universal pension schemes, on a note of optimism that it would provide a secure life for all after they retire from jobs.
"I want to make the life of everyone meaningful and thus improve their living standard by completing the unfinished tasks of my father," she told her audience, reminiscing on the cherished dreams of the independence leader, Bangabandhu Sheikh Mujibur Rahman.
The scheme styled Pragati will cover private job-holders, Surokkha for rickshaw- pullers, workers, potters, smiths, fishermen, weavers and self-employed persons, Samata will benefit people with low income and Prabashi scheme will cover expatriate Bangladeshis.
A regulatory body titled National Pension Authority has been formed for managing the universal pension scheme.
The pension authority launched its website www.upension.gov.bd on Wednesday. The initial information relating to pension schemes is also available on the website.
People interested in opening accounts under the pension schemes have two options: one is online registration and subsequent payments and another is Sonali Bank. If someone fails to open account online, they may go to any branch of Sonali Bank where bank officials will assist them.
The state-owned bank can open all four accounts.
Pension subscription can also be paid through mobile financial service-providers, for example, bKash, Nagad and such others.
The Pension Authority says Sonali Bank has opened four separate accounts for pension schemes and pension fees be deposited into these accounts. And, more banks will join the universal pension-scheme operations later.
If anyone fails to deposit subscription a month, he/she need not pay any penalty, but after one month, they will have to pay penalty at the rate of 1.0 per cent for every day, according to rules issued Thursday.
It also reads: "If any organisation enrolls for its employees under the pension scheme, it needs to be deposited at one go for their employees."
However, they all must have the national identity (NID) card to open account under pension schemes.
Expatriates who do not have NID can open a pension scheme with a passport, but they "must submit their NIDs as soon as possible". They may deposit subscriptions through credit card or debit card.
If any member of the pension scheme goes missing, their nominees should lodge a general diary and one copy should be submitted to the Authority.
The Authority's website states separate ledger will be maintained for everyone enrolling under pension schemes.
One will start receiving pension at the age of 60. If someone dies before 75 years of age, his/her nominee will receive the monthly benefit for the remaining period until the age of the actual pensioner reaches 75.
If someone dies before 10 years of pension scheme, his/her nominee will receive the deposited money with profit. Pension money will be considered investment and monthly pension fees will be tax-free.
Whoever is interested in registering through website, a page will appear at first reading: 'I hereby certify that I am not working in any government, semi-government, autonomous or state-owned organisation. I am not benefited from any other government or autonomous organisation other than the universal pension scheme. I don't receive any allowances under the Social Safety Net Programme'.
After clicking on 'I agree' button on the first page, the applicant will have to choose one from the four schemes (Pragati, Surokkha, Samata and Prabashi).
At the same time, the applicants need to write the 10-, 13-or 17-digit national identity card number, date of birth, mobile number and email on the second page. Then he or she will have to fill in the CAPTCHA at the bottom of the page.
A page for providing personal information will appear in the third phase of the registration process. The name of the applicant in Bengali and English, names of the applicant's parents, and present and permanent addresses will appear automatically on this page as this information was already filled in the first page.
However, the applicant will have to mention his or her annual income on this page as well as names of his or her division, district, upazila and profession.
There are several options in the occupation section, including teaching, private job-holder, small business, business, day-labourer, lawyer and journalist. The applicant will have to choose from these professions. After filling all the entries on this page, the "scheme information" page will appear.
On this page, the applicant will have to select the amount of monthly installment and the mode of payment. There are three options for payment: monthly, quarterly and annually.
This page is followed by the bank information page. The applicants will have to mention his or her account name, number, and the type of the account, routing number, name and branch of the bank.
The applicants will have to provide the information of the nominee on the next page. One will have to put the NID number and date of birth of the nominees here. At the same time, one will have to provide the nominee's mobile number, his or her relationship with the applicant and the percentage of share to be received by the nominees (in case of more than one nominee).
The next page is the last step of the registration process. This page will show the personal information, scheme information, bank information and nominee information, which have been provided in the previous stages and the applicant can correct an information in case of any error.
And if all the information is right, then the applicant will have to finish the registration process by clicking the 'I agree' button on the page. One can even download the entire application as well.
However, individuals' monthly contribution to the universal pension scheme varies. Prabashi scheme's fees are Tk 7,000, Tk 7,500 and Tk 10,000; Pragati scheme's fees are Tk 2,000, Tk 3,000 and Tk 5,000 and Surokkha scheme' fees are Tk 1,000, Tk 2,000, Tk 3,000 and Tk 5,000.
Samata scheme is different, which is applicable to the down-and-outs. Their annual income should be below Tk 60,000.
Under the scheme government will pay the same amount as the registered people pay. If an individual pays Tk 500, the government will pay the same amount of Tk 500 in a total deposit of Tk 1000.