Bangladesh has achieved significant socio-economic development, yet its labour market continues to face persistent challenges, including high youth unemployment, low female labour force participation, widespread informal employment, and the absence of unemployment protection. To address these gaps, the 2015 National Social Security Strategy (NSSS) proposed the National Social Insurance Scheme (NSIS), designed for working-age populations through joint employer-employee contributions covering sickness, maternity, employment injury, and unemployment. Implementation under NSSS Action Plan Phase I (2016–2021) was limited to developing a draft framework, necessitating further review and refinement. NSSS Action Plan Phase II (2021–2026) emphasizes aligning the NSIS framework with international social security standards and global best practices, while addressing country-specific labour market dynamics and stakeholder considerations. Guided by ILO conventions, social insurance aims to provide income security, risk-pooling, and protection from vulnerabilities. This review assesses the NSIS framework and proposes a feasible model to ensure comprehensive, inclusive, and sustainable social insurance coverage in Bangladesh.