Expatriate Bangladeshis show lukewarm response to the Universal Pension Scheme, especially to 'Probash' segment meant for them, prompting the government to direct banks' foreign outfits to go all out to enhance subscriptions.
Officials have said the ministry of finance in a recent meeting with the chief executives of some public-and private-sector banks sought their cooperation in luring the Bangladeshi nationals abroad to the pension scheme which also may help increase inflow of foreign remittance through banking channel.
Less than 500 expatriates have so far subscribed to the 'Probash' scheme out of over 16,000 total subscribers to the Universal Pension Scheme, according to officials, and this prompted the government authority to seek expedited efforts from the banks through their foreign branches and exchange houses.
Pension subscription was inaugurated on August 17 last and the scheme drew significant response immediately, with 12,589 subscriptions coming in the first month. However, the number of new subscriptions subsided to only 2,137 in the second month, and only 1,116 in the third until November 17.
Presided over by finance secretary Dr Khairuzzaman Mozumder, the meeting was told that the pension authority had signed memorandum of understanding with a number of public and private banks but they use different kinds of information technology (IT) platform.
These IT platforms need to be compatible with one another to facilitate the pension- scheme fundraising, said Kabirul Ezdani Khan, Executive Chairman, the National Pension Authority.
"The number of pension-scheme subscribers is lower than expectation, and especially the subscription to the 'Probash' scheme needs to be enhanced," he said.
The finance secretary said the banks which play pivotal role in bringing remittance from abroad can take effective steps to make the 'Probash' scheme a success.
At the meeting, managing director of Sonali Bank Afzal Karim was learnt to have said the state-sector bank has its own payment gateway and e-wallet wherein any expatriate Bangladeshis can debit their earnings and send money home.
He suggested that Sonali Bank's agents working in different countries should be engaged in the effort for increasingly attract the expatriate Bangladeshis to the 'Probash' scheme.
Managing Director of Agani Bank Murshedul Kabir suggested creation of a uniform platform for pension scheme and engaging more stakeholders alongside carrying out publicity to make the 'Probash' scheme a successful one.
Managing Director of National Bank Mehmood Husain at the meeting said since the pension scheme is voluntary and not compulsory, steps need to be taken for the publicity of the pension scheme home and abroad.
He said the National Bank has branches in Singapore, Oman and Malaysia which can help publicise the universal pension scheme abroad.
Islami Bank Bangladesh Limited (IBBL) Managing Director Mohammed Monirul Moula suggested publicising the MoU signed between the pension authority and the six banks for pension scheme.
"The peer banks of the six banks also can work together to attract the expatriate Bangladeshis to the pension scheme," he told the meet, seen as part of government move to enhance the country's foreign-exchange reserves.
The finance secretary urged the bankers to take steps so that the expatriate Bangladeshis can easily complete the registration in the pension scheme and send payment legally from abroad.
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