Universal Pension Scheme begins Thursday: What happens if a pensioner goes missing?
Prime Minister Sheikh Hasina will inaugurate the Universal Pension System on Thursday (17 August) to bring everyone above the age of 18 under pension schemes.
What will happen if someone who joined the Universal Pension Scheme suddenly goes missing?
Will their nominee get the money stored? But what if the missing person was to return some day in the future?
The Universal Pension Scheme, which is set to roll out tomorrow (17 August), has made plans for exactly such a situation.
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According to the pension scheme rules, if any individual goes missing, their nominee or successor concerned shall inform the pension authority after filing a general diary.
In this case, the nominee or heir of the missing person can submit the individual's pension installments and continue the pension scheme or the scheme will be suspended for the time being.
A missing person will be treated as a "missing pensioner" if they have attained pension eligibility.
In case of both continuous installments or suspended account, if a pensioner goes missing before attaining the age of 75 years, the pensioner's monthly arrears shall be paid to their nominees or heirs at least seven years after the person is reported as missing.
But the pension benefits will be given till the pensioner is scheduled to turn 75. No benefits will be available once this age limit is crossed.
Prime Minister Sheikh Hasina will inaugurate the Universal Pension System on Thursday (17 August) to bring everyone above the age of 18 under pension schemes.
In this system, all citizens of the country above the age of 18, except government employees and those working in autonomous corporations, will enjoy lifetime monthly pension benefits from the age of 60 by contributing a fixed amount.
The universal pension is being launched with four schemes – "Probash" for expatriates, "Pragati" for private sector workers, "Suraksha" for informal sector workers and "Samata" scheme for the very poor.
In these schemes, the contributor will get 12.31 times the amount they contribute in monthly, quarterly or annual installments as per their wish.
Also, failure to deposit the contribution within one month of the due date after enrollment in any scheme will result in a penalty of 1% for each subsequent day.
If a contributor fails to deposit three consecutive installments, his pension account will be suspended.
The account will not be reactivated until the due installments are paid in full.
If a person is permanently or temporarily, partially or totally unemployed and unable to earn due to physical or mental disability, the Public Pension Authority can declare him as "Insolvent Contributor" on his application.
In this case, the nominee or successor of the insolvent contributor can keep the scheme running by depositing the contribution and the nominee or successor can withdraw the pension at the end of the scheme period.
