DFIM Circular Letter No. 04: Participation in Universal Pension Scheme

Bangladesh Bank (Central Bank of Bangladesh) Head Office Motijheel, Dhaka-1000 Bangladesh.

Ref. No. DFIM Circular Letter No. 04 Managing Directors / Chief Executive Officers All Finance Companies operating in Bangladesh.

Dear Sir,

Regarding Participation in the Universal Pension Scheme.

With reference to the subject cited above, it is brought to your attention that the Government of the People's Republic of Bangladesh has enacted the Universal Pension Management Act, 2023 on January 31, 2023, and the Universal Pension Scheme Rules, 2023 on August 13, 2023, with the objective of bringing the entire population of the country, particularly the elderly, under a sustainable and organized social safety net.

2. There is provision for participation in the Universal Pension Scheme by employees/officers of private institutions or owners of such institutions, individuals working in the informal sector or self-employed, low-income individuals living below the poverty line, and any Bangladeshi citizen working or residing abroad.

3. It is now necessary to take necessary measures to encourage employees/officers of finance companies to participate in the Universal Pension Scheme, with the aim of bringing the entire population of the country under a sustainable and organized social safety net. Accordingly, you are hereby instructed to take such measures.

This instruction is issued under the power conferred by Section 41(2)(d) of the Finance Companies Act, 2023.

Yours faithfully,

(Md. Asaduzzaman Khan) Director (DFIM) Phone: 9530178.

Date: 06 Falgun 1430 19 February 2024 Institutional and Market Department