DHAKA, July 2, 2024 (BSS) – The Finance Ministry has issued a clarification on relevant issues of the recently introduced pension scheme titled "Prattay Scheme" for incorporating the staff of the self-governed, autonomous, state-owned, statutory or homogeneous organizations and their subordinate bodies in the Universal Pension Scheme. According to Section 14 (2) of the Universal Pension Management Act, 2023, provision has been made for introduction of pension scheme for all the people of the country. All employees joining self-governed, autonomous and state-owned enterprises on or after 1 July 2024 will be compulsorily covered under the 'Prattay Scheme'. On the other hand, in Funded Contributory Pension System, a fund will be formed on the basis of contributions received and investment profits, so it is a sustainable pension system in the long term. Only teachers and staff in public universities who are newly recruited on and after July 1, 2024 will be included in the 'Prattay Scheme'.

Source: Bangladesh Sangbad Sangstha July 03, 2024 15:55 UTC