The Universal Pension Scheme 2023 has been launched with the aim of fostering socio-economic growth and ensuring social security for the citizens of Bangladesh. The notification was issued by the Finance Department under the Ministry of Finance of the Bangladesh Government on August 13, 2023. It was followed by the formal inauguration of the pension scheme by the Prime Minister on August 17, 2023. The scheme categorizes individuals into four primary groups based on their income patterns: private employees, workers in the informal sector, low-income individuals, and Bangladeshi expatriates. This article will discuss how Bangladeshi expatriates can register for the Probash package of the Universal Pension Scheme. Prior to that, let’s get familiarized with the fundamental regulations of this initiative. General Rules of Universal Pension Scheme 2023 In recent years, the growing elderly population due to increased life expectancy has resulted in heightened dependency ratio. It potentially leads to future challenges. Simultaneously, financial instability has implications for the productivity of the working population. Addressing these concerns, the Universal Pension Management Act of 2023 was made as a solution. The following are the general regulations pertinent to the wider public encompassed by the scheme: - Bangladeshi citizens aged 18 to 50 can engage in this scheme with their national identity cards (NID). Citizens above 50 may participate with special consideration, limited to the 10-term scheme. It entails a lifetime pension after ten years of subscriptions. - Applicants can enroll in any of the schemes through the online platform. But those already benefiting from the social security program must relinquish their prior benefits. - Bangladeshi expatriates can join the program, registering with their passport if they lack a National Identity Card (NID). However, prompt preparation and submission of the NID is required. - Each contributor will have a separate pension account created at the outset of the scheme.Should a pensioner pass away before reaching the age of 75 during the pension period, the remaining pensions will be disbursed to nominated heirs. - If a contributor passes away before completing 10 years of contributions, the entire deposited subscription amount will be returned. The amount, along with accrued profit, will be given to the nominated heir. - Pension contributions will be viewed as investments, subject to tax concession. Subsequent monthly pension payments will be exempt from income tax. - It is noteworthy that a standardized service charge for mobile financial services was fixed on August 16, 2023. The existing cash out charge of 0.70% applicable to government services will also be imposed on this program. Read more: Universal Pension Scheme: How will it work? What's in it? Probash Pension Scheme for Bangladeshi Expatriates Table: Monthly Pension against Installment Rate under the Probash Scheme for Bangladeshi Expatriates Monthly Subscription Rate  BDT. 5,000 BDT. 7,500 BDT. 10,000 Total Period of Subscription (in years) Potential Monthly Pension (BDT. ) 42 1,72,327 2,58,491 3,44,655 40 1,46,001 2,19,001 2,92,002 35 95,935 1,43,902 1,91,870 30 62,330 93,495 1,24,660 25 39,774 59,661 79,548 20 24,634 36,951 49,268 15 14,472 21,708 28,944 10 7,651 11,477 15,302 Source: Bangladesh Gazette, Extra, August 13, 2023 Read more: Pragati Universal Pension Scheme: Registration Process for Bangladeshi Non-Government Employees