No income tax for beneficiaries of universal pension scheme

The beneficiaries of universal pension scheme will not have to pay any income tax on their monthly instalments and profits coming from the scheme.

Finance Minister AHM Mustafa Kamal today gave go-ahead to a proposal to give the 'income tax free' benefit, officials of the finance ministry said.

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

The government rolled out the much-anticipated universal pension scheme on August 17 with an aim to bring country's citizens under the coverage.

There are four different schemes -- Progoti, Surokkha, Somota and Probash—under the universal pension scheme to bring citizens from all walks of life under the pension facility.