Employees who join the service of self-governing, autonomous, state-owned, statutory or homogeneous organizations after July next year will join the public pension system. Their pension will be determined through this system. The finance department of the finance ministry issued a notification in this regard on Thursday.
According to the notification, under the powers conferred by section 14 of the Public Pension Management Act-2023, all self-governing, autonomous, state-owned, statutory or homogeneous organizations and their subordinate bodies, officers or employees, by whatever name they may be called, on or after July 1 New joiners will be brought under the universal pension scheme.
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Finance department officials said four separate schemes are in operation under the Universal Pension Management, which was launched in August last year. Among these, the ‘Prabas’ scheme is for expatriates. ‘Pragati’ scheme introduced for private sector employees. There is ‘protection’ for the informal sector, i.e. citizens engaged in self-employment. And ‘Samata’ scheme for low income people.
This includes another scheme called ‘Pratyaya’. Under this scheme, new officers-employees of state-owned, autonomous and homogeneous organizations will get pension. In that case, the existing pension system of these institutions will be abolished. However, those currently working in these institutions, even if they join before next July, they will also get pension as per the existing rules.
He also said, how much will be the contribution for getting pension under the new scheme and what will be the salary structure in this case if the contribution is to be borne by the pensioner, a rule will be finalized soon. He also said that government employees will also be brought under the universal pension scheme. The government will issue a notification with a decision in this regard at a convenient time.
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Member of the National Pension Authority. Golam Mustafa told the media that some autonomous or statutory limited institutions currently have a pension system. For the rest, the employees contribute 10 percent of the salary to the Contributory Provident Fund (CPF) and the company contributes 8.33 percent. The officers and employees get retirement financial benefits from this partnership fund. Apart from this, the employees of these organizations get gratuity equal to two months of basic every year of service. This money is mostly given from the government budget.
Under universal pension, four schemes have so far provided for contributory pension to the participants. Golam Mustafa asked how it will be determined if the pension is given to the employees of state-owned or autonomous organizations under the universal pension in the future. Matters will be finalized in the light of the new rules.
