Nagad, a leading mobile financial service provider in Bangladesh, has come up with an offer of cashback with profit on monthly subscriptions that its customers will pay under the universal pension scheme through the MFS gateway.
Prime Minister Sheikh Hasina launched the much-awaited "Universal Pension Scheme" virtually from her official Ganabhaban residence today with a view to bringing the country's growing elderly citizens under a sustainable financial security system. On the very first day of this pension scheme's rollout, Nagad Limited has come up with an announcement -- the installments that aspiring pensioners will deposit in the remaining months of this year using Nagad wallet will get cashback with profit at the beginning of the next year.
From the very beginning, Nagad was involved in providing financial services in collaboration with the government while it will play an active role in popularizing the Universal Pension Scheme, said a press release.
Talking about such cashback offer on pension subscription payouts, founder and managing director of Nagad Limited, Tanvir A Mishuk said, "We're moving towards building Smart Bangladesh. In continuation of it, the government has taken up such a noble initiative for people's future financial security."
He said, "We've always been a supporter of various government welfare initiatives. As part of it, we've decided to pay back the pension installments deposited through Nagad to our customers in the form of cashback. This is our small effort so that people can respond to this great initiative and secure their retirement life."
How to pay subscriptions using Nagad:
From day one, Nagad has been connected to the system that allows the payout of installments under the pension scheme instantly in the comfort of people's homes.
Those who want to come under the universal pension scheme must register first. On completion of the enrolment, a number will be available, with which all the relevant procedures, including payment of subscriptions, can be done.
A customer needs to visit the website - https://www.upension.gov.bd/Public/Packages, finds the subscription payment options, go to the mobile banking option and select Nagad to make his or her monthly contribution.
Packages under pension scheme:
The government has primarily rolled out four packages under the pension scheme - Progati for private sector employees, Shurokkha for self-employed and informal sector workers, Probash for expatriate Bangladeshis, and Samata for insolvent individuals.
All citizens aged between 18 and 50 will be eligible to enroll in the universal pension scheme. They will have to pay installments up to the age of 60 and after that, they will start receiving pension benefits every month until death.
Under Progati and Shurokkha packages, the monthly subscription ranges between Taka 1,000 to Taka 5,000, while the installment option is Taka 5,000 to Taka 10,000 per month under the Probash package. The Samata package is designed with a monthly installment of Taka 1,000.