Individuals joining any state-owned or government banks after 1 July of this year will be automatically enrolled in the "Pratyay" scheme, which is part of the universal pension system introduced on 17 August last year.
As outlined in a finance division gazette issued on 13 March, individuals newly hired by state-owned or government banks, as well as self-governing, autonomous, state-owned, statutory, or similar organisations, will automatically be enrolled in the "Pratyay" scheme.
The framework of the recently introduced "Pratyay" scheme was disclosed by the foreign ministry yesterday, assuring that the implementation of this scheme will not detrimentally affect the interests of existing officers or employees; their current pension or gratuity will remain unchanged.
Addressing inquiries regarding the applicability of the scheme to new employees of Bangladesh Bank, Golam Mostofa, a member of the National Pension Authority, said, "Bangladesh Bank is an autonomous institution established by law. The notification provides clarity without specifying the institution's name. The matter will be deliberated in the Bangladesh Bank board."
Mazbaul Haque, the spokesperson and Executive Director of the Bangladesh Bank, mentioned that they are currently scrutinising the notification to determine its applicability to their new employees.
According to the gazette, new employees of Bangladesh Bank, Bangladesh Securities and Exchange Commission (BSEC), Insurance Development and Regulatory Authority (IDRA), Investment Corporation of Bangladesh (ICB), and those in banking, insurance, and capital market sectors will not receive pensions as per existing rules. This gazette applies to all state-owned banks including Sonali Bank, Agrani Bank, as well as all government banks including Krishi and Karmasangsthan banks. Even in Padma Oil, Jamuna Oil, and companies with 50% government shares, the existing pension system for newly hired employees will no longer be applicable.
Under the "Pratyay" scheme, 10% of the basic salary or a maximum of Tk5,000 will be deducted from the salaries of the concerned officers or employees for participation. This amount, along with an equal contribution from the organisation, will be deposited into a corpus managed by the National Pension Authority.
Compared to the existing CPF system where the organisation contributes 8.33% of the basic salary, the "Pratyay" scheme requires a higher contribution of 10% from the organisation. This increased contribution will ensure a more substantial pension for employees during their retirement years.
For instance, an individual contributing Tk2,500 monthly for 30 years will receive a monthly pension of Tk62,330 upon retirement at the age of 60. Additionally, in the event of the contributor's demise at the age of 75, their pension benefits will amount to Tk1,12,19,400, 12.47 times their own deposit.
