Dhaka: A discussion meeting on the Universal Pension Scheme (UPS) was held today with the participation of members of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and stakeholders of the apparel sector. The meeting was organised at the Nurul Quader Auditorium of the BGMEA Complex in the capital, said a press release.
According to Bangladesh Sangbad Sangstha, BGMEA President Mahmud Hasan Khan attended the meeting as the chief guest while Member of the National Pension Authority (NPA) under the Finance Division of the Ministry of Finance Sheikh Kamrul Hasan, BGMEA Senior Vice President Enamul Haque Khan, and Vice President Md Rejwan Selim spoke as special guests. NPA Executive Chairman Dr Md Suratujjaman chaired the meeting.
In his welcome address, Sheikh Kamrul Hasan highlighted the government's introduction of the Universal Pension Scheme aimed at ensuring financial and social security for people in their old age, considering the country's social and economic circumstances. Presenting the keynote paper, Dr Md Suratujjaman elaborated that the scheme is designed to guarantee future financial security and would become a major source of protection for citizens post-retirement.
Dr Suratujjaman explained that citizens aged between 18 and 50 could contribute to the scheme through banks, receiving their accumulated contributions as a pension after turning 60. In the event of a subscriber's death before reaching 60, the nominee would receive the deposited amount along with profits. He also noted that subscribers facing income-related difficulties would have the flexibility to adjust their contributions.
Highlighting the financial strength of the scheme, Dr Suratujjaman mentioned the government's decision to invest around US$100 million with financing from the Asian Development Bank (ADB) to enhance the scheme's dynamism and strength. Furthermore, the latest amendment to the Bangladesh Labour Act 2026 mandates that workers in industrial establishments employing more than 100 workers be included in the Universal Pension Scheme.
Dr Suratujjaman urged industrial establishments to initiate the opening of accounts under the scheme for their employees, while also encouraging BGMEA to lead efforts to integrate entrepreneurs and workers from the apparel industry. He emphasized the government's commitment to including the formation of a pension fund in its 2026 election manifesto and working towards its implementation.
BGMEA President Mahmud Hasan Khan reiterated the government's dedication to ensuring overall welfare and social and financial security for the populace. He advocated for the inclusion of all apparel sector workers in the scheme, recognizing its potential to fulfill the government's electoral pledge and promote a discrimination-free Bangladesh. Khan proposed special government incentives during the first two years and suggested reducing the pension age for garment workers from 60 to 55 years to increase the scheme's appeal.
BGMEA Senior Vice President Enamul Haque Khan acknowledged the challenges of bringing around five million workers of the ready-made garment sector under the scheme but praised the government's initiative as timely and commendable. Vice President Md Rejwan Selim highlighted the scheme's attractive rate of return as a unique factor in ensuring long-term protection for garment workers and affirmed BGMEA's commitment to integrating all workers in the apparel sector under the scheme.
Participants at the meeting raised various questions and concerns regarding the scheme, to which the NPA executive chairman provided detailed responses and reassurances. Speakers emphasized the government's efforts to create an organized social security framework for all societal sections, with the apparel industry's participation being particularly crucial.
The meeting saw the attendance of BGMEA members, garment factory owners, officials, workers' representatives, and other relevant stakeholders.