Universal Pension Scheme Paragraph: Bangladesh’s parliament enacted the Universal Pension Management Bill-2022 on January 24 in an effort to bring the nation’s aging population under a social security system, marking a significant step towards a universal pension scheme.
Universal Pension Scheme Paragraph 150 Words
The government launched the eagerly awaited universal pension scheme with the intention of covering all residents over the age of 18. These are a few of the most important pension scheme concerns. The program’s primary goal is to provide a well-organized social safety net to the nation’s aging population, who will receive a monthly stipend to help with everyday expenses. According to their national identity cards, all nationals between the ages of 18 and 50, including Bangladeshis living abroad, are eligible for the benefit. Only workers in Bangladesh’s government, semi-government, or autonomous organizations are currently eligible for pension benefits. The pension plan will also allow citizens over 50 to participate under special consideration. The government wants to include workers in the private sector in the pension plan under the new law.
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Universal Pension Scheme Paragraph 200 Words
Bangladesh enters the period of a much-discussed unified pension plan for the first time in its history. The program, known as the Universal Pension Scheme (UPS), is intended for all citizens of the nation who are older than eighteen and will begin receiving lifetime pension benefits when they turn sixty. Out of the six pension plans, Pragati, Surokkha, Samata, and Prabashi have been implemented initially, with two more to follow. People between the ages of 18 and 50 are eligible to join UPS. It is available to those over 50, and in that case, they will receive a pension after making payments for ten years.
One must initially register using their national identity (NID) card in order to join UPS. A number will then be given so that the installment and other processes can be completed. For each beneficiary, a state-owned Sonali Bank account would be formed so they can deposit their monthly installments. The universality of the scheme underscores its inclusiveness, covering citizens from diverse socio-economic backgrounds. This approach ensures that vulnerable segments of the population, especially those without formal employment or social support, can access a basic pension.
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The universal pension scheme in Bangladesh marks a significant step forward for the welfare of its aging population. Introduced as a social safety net, the initiative aims to provide financial security and eradicate poverty among the elderly. The implementation of the universal pension scheme underscores the government’s commitment to the Sustainable Development Goals, particularly those related to poverty reduction and social equity. By offering a financial lifeline to senior citizens, the scheme recognizes their lifetime contribution and provides a dignified life in their twilight years. Furthermore, the scheme has the potential to promote intergenerational harmony. This eases the burden on younger family members, enabling them to focus on their own economic pursuits rather than solely providing for their elderly relatives.
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Universal pension facility is introduced for the first time in Bangladesh. The pension scheme will be managed by the government. The universal pension system has been introduced keeping in mind about 10 crore people of the four classes of the country. Universal pension schemes (schemes) have been introduced to bring this large population under a sustainable and well-organized social security framework and to provide protection to the 85 percent of the society who are employed in the low-income and informal sectors. Pension authorities say that the average life expectancy of people is increasing. The number of elderly people and their insecurities is gradually increasing. And this is why the universal pension system is being introduced.
Conclusion
The universal pension scheme in Bangladesh exemplifies a proactive approach to combating age poverty and ensuring the well-being of senior citizens. By providing financial security, this initiative not only improves the lives of the elderly but also contributes to a more balanced and caring society.
