New Bangladesh Pension Available

Posted on 08/17/2023

Bangladesh has a new pension option, as of today, for private employers and self-employed workers. It is mainly intended for those 18-50 years of age. Universal Pension Scheme, as it is called, is available for those over 50 provided they put in 10 years of work. Requirements for citizens include receiving and using a national identity card. Requirements for non-citizens differ, but the pension will be available to them. The Universal Pension Scheme can be managed through an app, with the government-owned Sonali Bank on the other side of the app to receive payments.

Bangladesh used to be one of the world’s poorest countries, but now poverty is down to 13.5%. The World Bank notes: “Bangladesh has a strong track record of growth and development, even in times of elevated global uncertainty. A robust demographic dividend, strong ready-made garment exports, resilient remittance inflows, and stable macroeconomic conditions have supported rapid economic growth over the past two decades.”

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