Beneficiaries to enjoy tax waiver

The beneficiaries of the universal pension scheme (UPS) will get tax waiver facilities on their investment and profits.

Finance Minister AHM Mustafa Kamal yesterday approved a proposal in this regard, according to an official of the finance ministry.

"The government will issue a circular on the issue soon," the official said.

There are four different schemes -- Progoti, Surokkha, Somota and Probash -- under the UPS, which aims to bring citizens from all walks of life under a pension facility.

After the launching of the scheme on August 17, as of 5:00pm yesterday, 14,626 people had enrolled for the UPS, depositing a total of Tk 11.36 crore, according to the National Pension Authority (NPA).

The Progoti scheme, which is meant for private sector employers, saw 6,651 enrolments. They deposited a total of Tk 6.3 crore.

The Surokkha scheme, which is designed for self-employed individuals and workers in informal sector like farmers, rickshaw-pullers and day labourers, saw the next highest number of enrolments, reaching 5,907. They deposited a total of Tk 3.91 crore.

Some 1,624 people signed up for the Somota scheme aimed at the ultra-poor living below the poverty line, depositing Tk 33.92 lakh.

The Probash scheme, geared towards expatriates, had 444 takers and submitted Tk 1.08 crore.

The money deposited by subscribers will be invested in profitable ventures under a new rule, which is still being formulated, Finance Minister AHM Mustafa Kamal told The Daily Star in a recent interview.

However, the government has already identified possible investment areas, including government securities, profitable infrastructure projects and other low-risk securities.