Bangladesh has launched a universal pension scheme to bring four types of citizens under a sustainable and organised social security system.

“From now on, professionals from every economic stratum will receive pensions, which will eliminate social disparity,” said Prime Minister Sheikh Hasina, as she inaugurated the scheme on Thursday.

Anyone aged over 18 years and not holding a government job will be eligible for the pension plan by paying a regular premium. Expatriates can also avail themselves of the service. The government plans to provide social security to 100 million people through the schemes.

“The Awami League implements whatever they promise. The universal pension scheme is evidence of it,” Hasina said.

Four universal schemes — Probash, Pragati, Surokkha and Samata — were launched on Thursday for four classes of people. The government plans to launch two more schemes later.

Under the Probash scheme, Bangladeshis working abroad can make deposits in foreign currencies. Those not having a national ID, can apply to register for the Probash scheme using their passport details.

The monthly deposit under a 10-year Probash scheme will be Tk 5,000, Tk 7,000 or Tk 10,000 and the return will be Tk 7,651, Tk 11,477 and Tk 15,302, respectively.

For deposits for 42 years, from age 18 to 60, the return will be Tk 344,655 per month.

The 10-year Pragati scheme for employees or owners of private organisations will have a return of Tk 3,060, Tk 4,591 and Tk 7,651 against deposits of Tk 2,000, Tk 3,000 and Tk 5,000 respectively.

The rate of return under the 10-year Surokkha scheme for people in the informal sector, such as farmers, workers and fishermen, will be Tk 1,530, Tk 3,060, Tk 4,591 and Tk 7,651 against Tk 1,000, Tk 2,000, Tk 3,000 and Tk 5,000 in deposits respectively.

The Samata scheme for those under the poverty line will produce a return of Tk 1,530 after making Tk 1,000 monthly payments for 10 years.