The Universal Pension Scheme in Bangladesh is going to have a massive impact on the financial state of the people of this country. It will encourage savings to the mass, and it’s a great decision on behalf of the Government of Bangladesh.
Below, we cover everything you need to know about the universal pension scheme in detail. So, make sure to read through the end to find out everything about it.
Universal Pension Scheme in Bangladesh
After waiting for so many years, the Universal Pension Scheme is finally announced for the people of Bangladesh. It’ll make life so much easier as people won’t have to rely on third-party schemes, which are not reliable at all.
However, there are some rules and regulations of this universal pension scheme that you should know. That’ll help you make the best out of this amazing scheme. Let’s check out a few facts that you should definitely know about it.
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|When to start saving the pension||18 to 60 years|
|Age of receiving the pension||60 Year|
|Monthly payment for saving||1000 Taka|
|Monthly pension||60000 Taka|
|Method of paying||On the Bank|
|How to get started||Open a pension account|
Who Are Eligible for Universal Pension Scheme
People who are aged from 18 to 60 and are a citizen of Bangladesh are eligible for the universal pension scheme. That means anyone of this age group can take the required documents to the bank and open a universal pension account for himself. It can’t get more convenient than this.
However, there is one category that can’t get it, which we talk about in detail in the upcoming segment. So, check it out at the end of this article.
How to Open Universal Pension Account
Opening a universal pension account is pretty simple, and everyone can do it without facing any trouble. All one has to do is take the required documents and money to the nearest bank, and they will guide you through the entire process. It’s as simple as that.
However, you must have all the right documents in your hand if you want to open the account successfully. But what is the required paperwork for that case? Let’s check out all the documents you need to take to the bank if you want to open a universal pension account in Bangladesh.
- Your National ID Card
- Your clear picture
- And a Nominee
When Will Get Pension
After saving at least 100 Bangladesh taka for at least 10 years in the universal pension account, you can get money from the account on a monthly basis. Also, take note that the person will receive the pension after he’s 60 years old.
So, if you save 1000 taka per month from the age of 18, you’ll get 64,776 takas in return on a monthly basis. That’s when you turn 60 years old and only then you’ll start receiving the pension money.
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Who Will Not Get Universal Pension Scheme
Now that we talked about who is eligible for the universal pension scheme and the time of when they’ll get the pension, it’s vital to talk about that is not eligible for it. There’s only one category that will not get the universal pension scheme in this country.
If you are a Government employee of Bangladesh, you can’t get the universal pension scheme. That’s the rule of this scheme, and everyone else besides a Govt. employee is eligible for the scheme.
We just covered a lot of information about the universal pension scheme in our country. Hopefully, that answered all of the questions you had in your mind.