Cabinet approves draft of National Pension Act

The Cabinet has given final and approval in principal to the draft of the National Pension Authority Act, 2022.

The approval came at the cabinet meeting on Monday (June 20) with Prime Minister Sheikh Hasina in the chair.

Cabinet Secretary Division Khandker Anwarul Islam said at the Secretariat on Monday afternoon after the meeting.

He said, “Citizens aged between 18 and 50, excluding staffers of government and autonomous organisations, will be able to enroll in the scheme using their national identification numbers.”

They will become eligible for monthly pension after reaching 60 years of age, on the condition of a 10-year regular deposit as Finance Minister AHM Mustafa Kamal briefed earlier.

Separate accounts will be maintained for individuals, which is why there will be no impact in case of changes in their professions or jobs, he added. 

Apart from individuals, institutions also can enroll in the scheme, the finance minister said, adding that the option of quarterly payment will also be kept considering the convenience of expatriate Bangladeshis.