“PROTTOY” SCHEME FOR SELF-GOVERNING, AUTONOMOUS AND STATE-OWNED INSTITUTIONS

After announcing the auspicious inauguration of the Universal Pension Scheme on 17 August 2023 by the Prime Minister Sheikh Hasina, four pension schemes namely Pravas, Pragati, Suraksha and Samata were launched.

According to Section 14(2) of the Public Pension Management Act vide SRO No. 47-Act/2024 issued on 13th March 2024, all officers in the service of state-owned, self-governing, autonomous, statutory or homogeneous organizations and their subordinate bodies. or employees, (by whatever name they may be called) on and after 1st July, 2024, will be newly joined under the Universal Pension Scheme. S. RO No. 48-Act/2024 dated 13 March 2024 AD.

The outline of the scheme of “Prottoy” was announced in the Rules promulgated thereby. Following are the features of the “Prottoy” scheme:

A tax rebate will be available against the monthly contributions paid in the “Prottoy” scheme of public pension and the monthly pension will be free of income tax.

If the pensioner dies before attaining 75 (seventy five) years while on pension, the nominee of the pensioner will be entitled to a monthly pension for the remaining period (up to the age of 75 years of the original pensioner).

In organizations participating in the “Prottoy” scheme, the monthly contributions levied for the employees and the organization shall be deposited by the organization together in the bank account designated by the Pension Authority.

In case of receiving pension, the monthly pension amount will be automatically deposited in the pensioner's bank account through EFT (Electronic Fund Transfer).

If the subscriber dies before attaining the pensionable age, the entire amount deposited will be returned to his nominee or nominees in one lump sum with profits.

Newly recruited officers/employees in State owned, self-governing, autonomous or homogeneous organizations on or after 1st July, 2024 AD will be compulsorily included in the “Vertaya” scheme.

The existing retirement rules of the respective organizations will not be applicable to the new employees joining the said organizations on or after 01-07-2024 AD.
Pensioners will enjoy pension benefits for life i.e. till death.

Those who are currently working in the mentioned institutions whose job will be on July 1, 2024 AD. A minimum of 10 (ten) years remaining on the date can voluntarily participate in the “verification” scheme.

10% of the basic salary received by the concerned officer or employee or a maximum of 5000 (five thousand) taka whichever is less will be deducted from the salary of the officer or employee and the corresponding amount will be paid by the concerned institution.