Expatriates on top of UPS subscription
Staff Reporter :
Despite being ranked below everyone in the registration process of the universal pension scheme (UPS), expatriates in terms of individual monthly allowance are on the top of the subscription for the scheme.
However, in terms of enrollment, private sector employees are on average the third-highest in the subscription of the scheme.
Those employed in non-formal sectors or self-employment occupies the second position.
Initially, the government introduced the universal pension based on four schemes: Probash, Progoti, Surakha and Samata.
From the beginning, this pension scheme has been receiving positive feedback.
In the first week alone, more than 8,500 people completed the registration process and paid their contributions.
The total amount of contributions collected from them is nearly Tk 4.5 crore.
Among those who have completed the registration process and paid the installment for the pension scheme, the majority are employees of private sector institutions.
Out of the total number of people who have completed the registration and paid the installment, more than half are employees of private sector institutions.
On the other hand, the average installment of each expatriate who has completed the registration was Tk20,000 on an average in the first week.
Conversely, individuals living below the poverty line has paid the individual installment Tk1,444.
On August 17, the Prime Minister inaugurated the universal pension scheme.
Following that, applications for the Probash scheme, Progoti scheme, Surakha scheme, and Samata scheme began.
On the first day after the inauguration, around 1,700 individuals completed the registration process and paid the installment, contributing nearly nine lakh Taka.
The following two days, Friday and Saturday, were weekly holidays. During these two days, more than 2,500 people completed the full registration process by paying the installment.
Thus, within the first three days of initiating the universal pension scheme, a total of 4,390 people completed the registration process and paid the installment, contributing around Tk 2.16 crore.
From the following five days (August 20th to 24th), an additional 4,390 individuals completed the registration process and paid the installment.
Up until last Thursday, a total of 8,551 individuals have paid the installment.
Their cumulative contributions amount to Tk 4.39 crore.
Within this, for the Progoti scheme targeting employees of private sector institutions, 4,519 individuals completed the registration and paid the installment, contributing Tk 2.49 crore.
That is, the average contribution per person is Tk 5,521. In this scheme, the minimum monthly installment is set at Tk 2,000, and the maximum is Tk 5,000.
For the Surakha scheme, which is applicable to individuals engaged in informal sectors or self-employment, such as farmers, rickshaw pullers, labourers, maids, vendors, and weavers, 2,907 individuals paid the installment, contributing Tk 2.33 crore.
On an average, they contributed Tk 8,034 Taka. In this scheme, the minimum monthly installment is Tk 1,000, and the maximum is Tk 5,000.
The Samata scheme, intended for individuals whose current income limit is Tk 60,000 annually up to the age of 50, and TK 50,000 for those above 50 years old, attracted 910 participants.
Their cumulative contribution reached Tk 13.14 lakh, averaging Tk 1,444 per person.
In this scheme, the minimum monthly installment is Tk 1,000 taka.
Additionally, for the Probashi scheme, which provides pensions to expatriates, 215 individuals paid the installment, contributing 435.5 million Taka.
The average monthly installment in this scheme is minimum of Tk 5,000 and a maximum of Tk 10,000.
The universal pension scheme ensures that individuals aged 18 to 50 will receive a lifelong pension from age 60 to 75, while those above 50 and below 60 will need to pay the installment for at least 10 years before enjoying the benefit.
If the contributor passes away before reaching the age of 75 during the pension period, the nominee will continue to receive the pension until the age of 75.
The maximum loan amount that can be taken against the deposited money, including profits, by the contributor will be up to 50 percent, based on the application of the contributor.
Additionally, the deposited money for the pension will be tax-exempt.
