Bangladesh has about 15 million people aged 60 and above; by 2050, this number will have more than doubled to 36 million.

Bangladesh made a major step towards a universal pension scheme when parliament passed the Universal Pension Management Bill-2022 on January 24 with a view to bringing the country’s growing elderly population under a social security system.

Govt must ensure efficient realisation of the UPS

The country’s people aged 18 to 50 years would be eligible for the universal pension scheme, to be introduced by the government after becoming 60 years old.

The Bangladesh government recently announced a move to roll out a pension plan, initially named the Universal Pension Scheme (UPS), during the 2022-23 fiscal year.