The Financial Institutions Division has instructed Bangladesh Bank representatives and managing directors of all scheduled banks to ensure the enrollment of their officers and employees in the Pragati Scheme under the Universal Pension System. This directive was given during a discussion meeting led by Nazma Mobarek, the secretary of the Financial Institutions Division at the Secretariat in Dhaka.
It was highlighted during the meeting that the National Pension Authority (NPA) has established memorandums of understanding (MoUs) with 48 banks and financial institutions, with 24 banks actively engaged in collecting and distributing pension contributions.
In her address, the secretary emphasized the need for dedicated desks at all bank branches to facilitate increased enrollment in the Universal Pension System. Additionally, she urged banks to adhere to the MoUs by displaying banners and ensuring active participation from marketing officials in promoting the scheme.
Mobarek underlined the importance of encompassing all officers and employees of private banks within the Pragati Scheme. Md Suratuzzaman, the executive chairman of the NPA, presented a keynote paper outlining the advancements of the Universal Pension System, the characteristics of the Pragati Scheme, and its significance for private-sector workers.
Suratuzzaman highlighted that approximately 18 million private-sector workers in Bangladesh lack formal retirement security, unlike their counterparts in the government sector. The Pragati Scheme was introduced in 2023 under the Universal Pension System to bridge this gap.
The meeting also deliberated on proposals to introduce a shariah-compliant pension scheme, extend lifelong pension benefits to nominees, and incorporate outsourced workers into the Pragati Scheme, which caters to both private-sector employers and employees.
Participants in the scheme contribute 50% of the monthly contribution, with contributions ranging from Tk 1,000 to Tk 15,000. Upon retirement, participants receive lifelong monthly pension benefits. The scheme includes tax incentives, with contributions eligible for income tax rebates and pension income completely tax-free. At the age of 60, participants receive up to 30% of their accumulated corpus as a one-time gratuity payment. The scheme is supported by government-guaranteed investments.
As of May 30, 2026, a total of 3,77,930 individuals had registered under the four pension schemes, with deposits totaling approximately Tk 260 crore and investments amounting to Tk 286 crore.