17 private banks join MoU for pension scheme

Speaking as the chief guest at the signing ceremony Secretary, Finance Division Dr. Md. 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 Dr. 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 Md. Mahiuddin Khan, Executive Chairman of the National Pension Authority (NPA), and attended by Managing Directors of the participating banks, including Bank Asia PLC, Bangladesh Commerce Bank Limited, Bangladesh Development Bank PLC, BASIC Bank Limited, 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.

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 domestically owned banks.

The Universal Pension Scheme, administered by the NPA, features four tailored programs—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, reports UNB.