FM Sets Goal to Bring 40 Million Families Under Pension Scheme by 2030

Finance Minister Amir Khosru Mahmud Chowdhury has directed authorities to set a target of bringing approximately 40 million families under the National Pension Scheme by the year 2030.

The Minister issued the directive during a high-level meeting on the progress, challenges, and future action plans of the Universal Pension Scheme held at his office on Tuesday, May 12.

He specified that the goal is to ensure at least one member from each of these 40 million families is enrolled within this timeframe.

Enhancing Appeal and Inclusivity
To make the scheme more attractive to the public, the Finance Minister expressed a positive stance on several new initiatives, including:

• Introducing a Shariah-based pension scheme.
• Considering lifelong pension benefits for nominees.
• Including outsourcing workers under the 'Pragati' scheme.

"Building a 'Pension Fund' to ensure financial security for private sector workers in their old age is a primary pledge of the government's 2026 election manifesto," Minister Chowdhury stated.

He emphasized the need to strengthen public trust, bolster promotional activities, ensure cyber security, and recruit professional, skilled manpower.

Demographic Challenges
The meeting highlighted critical data regarding Bangladesh's workforce and aging population:

• Approximately 85% of the total labor force is employed in the informal sector.
• The old-age dependency ratio is projected to rise from 9.4% in 2023 to 24% in 2050, potentially reaching 48% by 2075.

Given these demographic shifts, officials stressed the necessity of making the universal pension system more robust and inclusive.

Current Progress and Funding
Dr. Md. Suratuzzaman, Executive Chairman of the National Pension Authority, provided an update on the scheme's status as of April 30:

Total Registrations: 377,545 citizens across four schemes (Prabash, Pragati, Surokkha, and Samata).

Total Deposits: Approximately 255.70 crore BDT.

Total Investment (including profit): 279.74 crore BDT.

It was also noted that the Asian Development Bank (ADB) has pledged a $100 million soft loan to strengthen the universal pension system, with a feasibility study currently underway.

Registration and premium payments are currently facilitated through 45 banks and financial institutions, as well as mobile financial services like bKash and Nagad.